以下文章来源于范范爱养基 ，作者范范 范范爱养基 . 专注基金投资分享，说人话，不拽词！不保证说的都对，但都是当下我最最真实的想法。（雪球号同名） ↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 范范爱养基 来源：雪球 整理到excel表格中 ， 便于我们对当前持仓更一目了然 ， 心里有数 ： 前两天有朋友在我之前文章 下留言 ， 表示 不知道该怎么用调仓功能进行再平衡 。 他算是提醒我了~ 去年6月我首次用雪球三分法创建完组合后 ， 就很久没有管过了 。 趁新年伊始 ， 正好进行一次 " 再平衡 " 。 写这篇文章时 ， 我刚在雪球三分法完成组合的再平衡操作 。 只想说 ： 简直不要太方便 ！ 操作真的非常简单 ， 省了很多麻烦事 。 今天就以我自己的真实持仓为例 ， 给大家展示具体怎么操作 。 第一步 ： 梳理当前基金和大类资产持仓情况 打开雪球三分法后 ， 可以看到目前所有持仓基金的金额和盈亏情况 ： | 基金子账户 | | | | --- | --- | --- | | 基金 按最近交易▼ | 日收益 | 持有收益 | ...

Group 1 - The core viewpoint of the article emphasizes that there are no permanent champions in asset performance, and market dynamics are constantly changing [7][13]. - The article presents a detailed analysis of various asset classes, highlighting the performance of A-shares, US stocks, European stocks, commodities, and bonds over the past decade [9][10][12][13]. - It notes that while US stocks have shown consistent positive returns in most years, they also experience significant downturns, indicating the importance of diversification in investment strategies [10][23]. Group 2 - The article stresses the importance of multi-asset allocation to manage risks rather than solely chasing high returns, addressing the emotional challenges of greed and fear in investing [15][16]. - It outlines the benefits of diversified asset allocation, including reduced overall volatility, ensuring participation in rising assets, and enhancing long-term investment confidence [17][18][19]. - The suggested asset allocation framework includes a mix of equities, bonds, and alternative assets, with specific percentages allocated to each category to balance risk and return [22][25][26]. Group 3 - The article advises against betting on market direction and instead recommends a diversified approach to fund allocation for the year 2026, considering the uncertainties ahead [21][30]. - It emphasizes the importance of regular asset rebalancing to maintain the desired allocation and discipline in investment strategies [32][33]. - The overall message is that successful investing is about maintaining a balanced portfolio that can withstand various market conditions, rather than focusing on short-term gains [33].

Group 1 - The article discusses a stable investment portfolio strategy, with a stock allocation of 30%-60%, bond allocation of 30%-55%, and commodity allocation of 10%-15% [4][6] - The current portfolio consists of approximately 29% in stocks, 58% in bonds, and 13% in commodities, with a weekly return of 0.52% and a year-to-date return of 3.79% [6][4] - Recent adjustments include increasing positions in solar energy and gold, reflecting a cautious approach to market conditions [6][4] Group 2 - The article emphasizes the importance of self-awareness in investing, suggesting that understanding one's own risk tolerance and investment needs is crucial [10][11] - It highlights the tendency of investors to chase short-term gains while neglecting their own financial situation and risk capacity [10][12] - The concept of risk recognition is presented as the first step in investing, advocating for a diversified asset allocation strategy that aligns with individual risk profiles [12]

Core Viewpoint - The article emphasizes the importance of understanding risks associated with stock investments, highlighting that while stocks may offer higher long-term returns compared to gold and bonds, they also come with significant risks that investors often overlook [2][3]. Group 1: Stock Market Returns and Risks - Over the past 20 years, the annualized return of the CSI 300 index was 7.91%, but it experienced a maximum drawdown of 72.3%. In comparison, the NASDAQ 100 had an annualized return of 14.34% with a maximum drawdown of 53.71% [4]. - The volatility of global stock markets is significant, and while the CSI 300 may show strong gains in certain years, it is often followed by substantial corrections and risks [5]. - Many investors lack the capacity to endure large fluctuations in stock prices, leading them to sell at a loss before recovering from downturns [7]. Group 2: Performance Comparison with Bonds and Gold - In the past decade, gold achieved an annualized return of 13.03%, while the CSI 300 had an annualized return of -1.8%. Over the last three years, the annualized return of Chinese bonds was 4.93%, significantly outperforming the CSI 300's -3.63% [8]. - Stock returns are tied to corporate earnings, which can be adversely affected by economic downturns, industry changes, and policy shifts. During such times, bonds and commodities may perform better due to their low correlation with stocks [8]. Group 3: Investor Behavior and Market Realities - The actual returns for investors differ from theoretical stock market returns, largely due to individual investor behavior. Many investors mistakenly believe they can easily buy low and sell high, which is often an illusion created by hindsight [9]. - Historical trends indicate that only 20% of investors possess the necessary knowledge and strategies to achieve long-term profits, while 80% do not, leading to negative returns [10]. Group 4: Investment Strategy and Asset Allocation - A balanced investment strategy that includes stocks, bonds, and commodities can enhance risk-adjusted returns. For example, a portfolio consisting of 60% stocks, 30% bonds, and 10% gold showed a cumulative return of over 100% in the past seven years, with a maximum drawdown of only 7.67% [10][12]. - The proposed investment allocation includes 60% in equity funds, 30% in bond funds, and 10% in commodity funds, which can effectively reduce overall portfolio volatility and improve long-term performance [12][14].

Group 1 - The article introduces the "Xiaoxue Three-Part Method" investment strategy, which aims to provide a more scientific and sustainable investment approach to avoid losses from chasing market trends [3][4]. - The investment allocation is based on a growth-oriented plan with a ratio of 30% bonds, 60% stocks, and 10% commodities, reflecting the author's risk tolerance and investment goals [3][4]. - The bond allocation focuses on domestic bonds and U.S. dollar bonds to benefit from high yields and potential interest rate cuts, serving as a stabilizing component in the portfolio [3][4]. Group 2 - The performance of the Xiaoxue Three-Part Method portfolio showed an overall increase of 0.76% last week, with contributions from both equity and bond segments despite a turbulent domestic equity market [7]. - The article highlights the resilience of the portfolio amid geopolitical tensions, with gold prices rising by 1.56% and oil prices surging by 13.32% due to market dynamics [7][18]. - The article notes that the portfolio's year-to-date weighted return is 4.88%, with a maximum drawdown of less than 8%, indicating a balanced growth strategy [7]. Group 3 - The A-share market experienced a pullback, with major indices declining, while sectors like energy and materials showed positive performance [9][10]. - The Hong Kong market displayed mixed results, with healthcare and materials sectors performing well, while consumer sectors faced declines [12]. - U.S. stock indices faced pressure, with the S&P 500, Nasdaq, and Dow Jones all recording losses due to rising inflation expectations and geopolitical tensions [14]. Group 4 - The bond market showed a slight upward trend, supported by central bank signals and increased buying activity in short-term bonds [15][17]. - The article emphasizes the importance of commodity investments as a risk-hedging tool, with a recommended allocation of 10-15% to enhance portfolio performance [4][21]. - Geopolitical events have significantly impacted commodity prices, with oil prices rebounding sharply due to Middle Eastern tensions and gold prices benefiting from increased safe-haven demand [18][20].