First, it is not recommended to hold funds for a long time. Because the fund's custody fee and management fee are collected every day, in the long run, the fees charged by fund companies are actually quite a lot, regardless of the ups and downs, as well as subscription and redemption fees. Stocks are different. They only charge a small commission and stamp duty when buying and selling. If the stock has dividends, it is earned (the dividends of the fund are deducted from the net value, which is yours), and there is no charge during the holding period, so the stock is more suitable for long-term holding.

Second, any investment target (product) is an investment tool. Since it is a tool, there are conditions for its use. No product is very effective at any time and on any occasion. So investment should not be pursued once and for all. It is the most effective way to learn asset allocation and management.

1. index funds are suitable for allocation in the low index stage, because in the long run, the probability and space of index rise are large, and conversely, index funds are not suitable for allocation in the high index stage.

2. Leveraged index funds are very suitable for allocation at the stage of over-underestimation, not for allocation at the stage of high index, and not for long-term market allocation (because it is a kind of financing, it has time cost).

3. Bond funds and money funds are very suitable for allocation in the high index stage, but they are not suitable for allocation in the low index stage and are not suitable for allocation in the over-underestimated index stage, which will waste a good opportunity.

4. The old base cover with high discount and high dividend-paying ability is suitable for medium and high index stage configuration. At this time, they are both offensive and defensive.

As the index changes from undervaluation to overvaluation, and then from overvaluation to undervaluation, in addition to adjusting the proportion of positions, we should also pay attention to the attribute conversion of chips held. The attributes mentioned here refer to: offensive, defensive and both offensive and defensive. The order of the above-mentioned funds' attributes from offensive to defensive is: leveraged index fund, index fund, closed-end fund, bond fund/money market fund.

Active funds are not given above, because they are uncertain and greatly influenced by the ability, style and ethics of fund companies and managers, which is why investment masters pay more attention to index funds.

To sum up: a fund should not be held for a long time; A fund portfolio is also not suitable for long-term holding; Dynamic fund portfolio is suitable for long-term holding, that is, managed long-term holding.