当市场中的避险情绪上升，比如当美国总统特朗普忽然宣布对全球大部分国家征收关税时，股市整体都会下跌，绝大部分股票都会受其影响而被抛售。哪怕 一个公司的业绩和进出口贸易无关，其价格也会被大盘带动而下跌回撤。在这个时候，有些投资者会觉得他需要一些"避险资产"，或者"投资保险"，来保 护他的投资组合，维持他的理智，帮助他在价格暴跌时不至于被迫出售那些长期看好的股票。 那么问题来了：哪些资产可以帮助投资者达到"保险"的功能呢？ 第一个选项是 政府国债 。 这里的国债，主要指那些信用评级比较高的发达国家政府国债，比如美国、英国、澳大利亚、德国等。由于发行这些国债的国家政府信用评级比较高，市场 对他们比较信任，几乎不用担心他们像阿根廷政府那样违约，因此这些国家的政府国债是很多投资机构最青睐的"保险资产"之一。 前摩根士丹利策略师 Stephen Jen 曾提出过一个金融理论，叫做 美元微笑曲线 ，来解释美元在不同经济环境下为何能表现强势的现象。在全球风险上 升、经济衰退或金融市场动荡时，投资者寻求 " 避险资产 " 。美元因其全球储备货币地位以及美国国债市场的深度和流动性，被认为是最安全的资产。此 时，资本流入美国，美元升 ...

Core Viewpoint - The article discusses the importance of safe-haven assets during times of market volatility, highlighting government bonds, gold, and the US dollar as key options for investors seeking to protect their portfolios from downturns [1][2][6]. Group 1: Government Bonds - Government bonds, particularly from high-credit-rated developed countries like the US, UK, Australia, and Germany, are favored as safe-haven assets due to their reliability and low default risk [2][3]. - In economic downturns, central banks typically lower interest rates, which increases bond prices and provides investors with a protective function [2][3]. - The current yield on US 10-year government bonds is approximately 4.3%, offering decent returns while maintaining their role as a safe asset during market turmoil [3]. Group 2: Gold - Gold is highlighted as another significant safe-haven asset, especially during crises, as it is perceived to resist inflation due to its finite supply [4][5]. - Over the past year, gold prices have increased by around 50%, indicating its appeal during uncertain times [5]. - However, gold's price volatility poses risks, as it can spike during crises but may also decline sharply once the crisis subsides, necessitating careful timing by investors [5]. Group 3: US Dollar - The US dollar is recognized as a classic safe-haven asset, benefiting from its status as the global reserve currency and the depth of the US Treasury market [6][7]. - The "dollar smile" theory explains that the dollar appreciates during both economic downturns and periods of strong US economic performance, making it a reliable asset in various conditions [6][7]. - Concerns about the dollar's status as a safe-haven asset arise from geopolitical tensions and potential shifts in global economic dynamics, which could undermine its reserve currency status [7]. Group 4: Diversification Strategy - The article emphasizes that no single asset can guarantee protection against losses, advocating for a diversified investment approach to mitigate risks and achieve smoother returns [8]. - Investors are encouraged to maintain a long-term perspective and avoid being overly influenced by short-term market fluctuations [9].