Core Viewpoint - The article discusses the challenges investors face during a normal valuation period, emphasizing the importance of maintaining a clear strategy and emotional discipline in the face of market fluctuations and structural rotations [3][4][12]. Group 1: Emotional Challenges in Normal Valuation Period - Investors often experience a "fear of missing out" during this phase, leading to anxiety about not participating in rising markets while holding onto their investments [6][8]. - There is also a sense of fatigue from waiting for valuations to drop, causing doubts about whether the opportunity for low valuations has passed [7][8]. - The lack of clear feedback during normal valuation periods can lead to impulsive decisions, such as chasing hot sectors or abandoning established strategies [9][10]. Group 2: Strategies for Navigating Normal Valuation Period - It is crucial to respect position discipline and avoid chasing prices or making hasty exits when valuations are not in the low range [12][16]. - Investors should shift their focus from buying logic to holding logic, assessing whether their holdings deviate from normal value ranges and if rebalancing is necessary [13][14]. - Maintaining a strategy and reducing exposure to market noise is essential, as frequent changes in sector focus can disrupt long-term plans [15][17]. Group 3: Long-term Perspective - The article emphasizes that enduring the quiet periods of normal valuations prepares investors for future opportunities during undervalued and overvalued phases [18]. - The focus should be on refining strategies and managing emotions, ensuring that when market conditions change, investors are ready to act without being swayed by short-term fluctuations [18][19].

Core Viewpoint - The article emphasizes the importance of constructing a balanced investment portfolio that combines equity and bond assets to manage risk and achieve expected returns. It discusses strategies to reduce portfolio volatility without significantly reducing equity exposure [4][8]. Group 1: Portfolio Construction - The framework for building a portfolio involves a mix of equity and bond assets, where bonds act as a shield and equities as a spear to balance volatility [8]. - The article suggests using a "risk parity" strategy to lower equity weight, thus reducing overall drawdown risk, but notes that this may compromise expected returns [4]. - To mitigate volatility without drastically cutting equity allocation, diversifying across different markets and styles is recommended [5]. Group 2: Index Styles and Characteristics - A detailed document categorizes common indices by style, aiding investors in constructing their portfolios based on style preferences [6]. - The article outlines various index styles, including broad-based indices like the CSI 300 and sector-specific indices that focus on growth, such as the ChiNext and STAR Market indices [16][18]. - It highlights the importance of understanding the characteristics of different indices, such as market capitalization and style orientation, to achieve a balanced portfolio [8][24]. Group 3: Examples of Balanced Portfolios - The article provides examples of balanced portfolios, such as combining the CSI 300 with growth-oriented indices like the ChiNext, illustrating the "barbell strategy" [18]. - It emphasizes the use of core broad-based indices as starting points for portfolio construction due to their diversified nature and balanced style [15]. - The article also discusses the role of strategy indices, which can enhance portfolio diversity and richness by incorporating various investment styles [19][23].

以下文章来源于六亿居士 ，作者六亿居士 六亿居士 . 雪球2024年度十大影响力用户。每周发布指数估值表，坚持指数基金(ETF)低估定投，分享指数基金基础分析，让我们：买入有依，持有有底，卖出有 据。 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： 六亿居士 来源：雪球 随着市场继续震荡，我们在较低估值时期待了很久，我相信不少朋友，尤其是新朋友心里难免会有一些忐忑。 不少人总说这个市场是零和博弈，那么我们低估定投指数基金，到底能赚到钱么？ 如果低估定投指数基金能赚到钱，是赚了哪部分的钱？这个钱是否可以持续？以及有没有更好的办法，赚更多的钱？ 一、赚了哪些钱：投资的基础收益来源 在《共同基金常识》一书中，约翰博格总结了股市长期回报率的公式： 股市长期回报率 = 初始投资时刻的股息率 + 盈利增长率 + 估值变化 ，这个简明的公式完整诠释了长期投资需要关注的三大要素：初始股息率、增 速水平和估值水平。 1、初始股息率 初始股息率是投资收益的核心基础，本质上股票、债券等资产都可以统称为" 生息资产 "，在付出相应代价，获得相应权益后，持有这些资产便会 获得一定的利息或股 ...