The framework of stock investment involves the analysis methods and valuation methods of many industries, which I will talk about later. This paper mainly jumps out of the stock angle and thinks about how ordinary people allocate family assets in a higher dimension. This article combines the successful essence of Dario, Svencen, Buffett and Zhang Lei with my own thinking, which may be the holy grail of financial freedom. Please be sure to read.

1. The experience of three investment masters in financial freedom: allocate three to five weakly related assets, with an expected rate of return of more than 65,438+00%, hire excellent fund managers to manage assets in a weakly efficient market with excess returns, hold them for a long time, and rebalance assets in a large period.

1. Buffett's three weakly correlated investment strategies

Before I studied the investment of Gao Lin Capital, Buffett, the originator of value investment, had the greatest influence. Buffett has three investment strategies in his early investment career: low valuation investment, merger arbitrage investment and holding investment. The beauty of the three investment strategy combinations lies in their weak correlation, which enables Buffett to greatly surpass the market index no matter whether the market is up or down. Among them, the most relevant to the market is the low valuation investment, that is, the cigarette butt stock investment, while the merger arbitrage investment has a weak correlation with the market. If the undervalued investment continues to fall, Buffett will buy more stocks and switch to holding investments, which has a weak correlation with the market. Buffett will intervene in the company's operation, divest assets, improve the asset turnover rate, allocate excess capital, or invest in securities, and release the value of the cigarette butt company through the above means, because it has a weak correlation with the market index. Buffett's three strategies show that Buffett has thought deeply about how to match the asset portfolio. Generally, people who invest professionally look at the weather. If the market is not good, the pressure will be great. How to find several weakly related investments and return cash flow is worth pondering. Buffett has found a way that suits him.

2. Dario said: "The holy grail of investment is to find 10- 15 good and irrelevant return streams and create a portfolio."

China has high capital, and the United States has bridgewater. As the head of Bridgewater, which manages more than $65.438+06 billion, Dalio believes that asset allocation has two main effects, one is growth and the other is inflation. Dario gave investors a dry goods: the holy grail of investment is to find 15 or more good and irrelevant return streams (expected return rate 10%) and create your own portfolio. Look at the picture below in detail.

The horizontal axis is the number of assets in the portfolio, and the vertical axis is the risk standard deviation of the annual portfolio. "Risk standard deviation of annual portfolio" is a term to measure risk in finance. The smaller the value, the smaller the risk and the greater the probability of making money.

In fact, the conclusion drawn from the above figure is that the more assets, the greater the weak correlation and the higher the long-term portfolio yield.

3. Svencen's "Yale Model"

Zhang Lei's teacher is David Svencen, the chief investment officer of Yale University, and Svencen's investment performance is also excellent: the annualized average annual rate of return for more than 20 years is close to 17%, and the most important thing is that only 1987 has negative returns in these 20 years, and only-1% or so, including 2008.

In the book The Road to Institutional Investment and Innovation, David Svencen revealed three reasons for his success:

2. Establish your own four weakly related asset portfolios, and each portfolio employs excellent fund managers to manage assets, and those who are good at it can also be.

Although all three masters have told ordinary investors how to allocate assets, Buffett's "holding investment" and Svencen's "alternative assets" are difficult for ordinary people to land. Based on my own experience, I summed up several assets that can be landed. My philosophy is: set the target proportion of large-scale asset allocation at the beginning of each year, and then hand over all assets to competent managers for management. If I am good at it, I can also invest by myself.

1. Equity investment

Equity investment includes primary market equity investment and secondary market equity investment. This paper does not start with the equity investment in the primary market, but only writes about the equity investment in the secondary market today. Equity investment in the secondary market includes investment in three markets: A shares, Hong Kong stocks and US stocks. With the opening of the A-share market, the correlation between these three markets is increasing. I regard the investments in these three markets as the same kind of assets. There are two ways to allocate equity investment: ① Choose the dominant industries in each market and allocate industry funds. ② Select outstanding fund managers in the past 10 years. A shares and Hong Kong stocks are weak efficient markets. I suggest using active funds. The fund manager's ability can fully afford the management fee paid. The American stock market is a powerful and effective market. I suggest using passive funds.

(1) Choose the advantageous industries in each country or market to allocate industry funds.

Gaolin Capital has invested heavily in China, mainly in four areas: consumption, medicine, TMT and enterprise services. According to the position of Gaolin Capital, I excavated three long-term bull market funds, mainly corresponding to three industries: consumption, medicine and TMT. At present, there is no fund specializing in enterprise services in China, mainly because the enterprise service industry has just begun to develop in China, and it is expected that there will be a large number of IPO of enterprise services in the next three years.

② Manage funds according to excellent fund managers, which is suitable for choosing when the valuation of industry funds is high.

One of the reasons for the long-term success of Yale Fund is that it can hire excellent fund managers in every major asset field. In the domestic market, I trust four active fund managers most:

2. "Fixed income+"assets

If you have not been hurt by equity assets, you will not know that "fixed income+"assets are good. This kind of assets is especially suitable for stable and older investors, pursuing stable growth of assets, and this kind of assets has little correlation with equity assets.

"Fixed income+"assets are mainly bonds, supplemented by fixed income, convertible bonds and innovation. A small number of blue chips are gain components, and the highest income can reach 10% to 15%.

I have carefully selected excellent domestic "fixed income plus" assets, and all the stock positions are below 25%:

3. Low risk investment

Low-risk investment is an area with weak or negative correlation with the stock market, with a certain maximum loss or a certain safety buffer. Simply put, it is "guaranteed under, not capped on."

I initially wrote a closed-end fund with a discount of 65,438+07% for Gao Lin Capital Circle. Yin Hua Kechuang closed-end fund is a low-risk investment. At that time, its discount for safety mats was 17%. After holding it for two years, the discount of 17% will gradually converge to zero, and investors will get two parts of income: 1. The net value of the fund will increase.

In addition, A-share convertible bonds, Hong Kong stocks and A-share offline are all low-risk investments. As long as you persist in your efforts and open more accounts, you can get good returns, and this income is not greatly affected by market trends.

Investors can get this income in two ways:

Advantages of holding two weakly related assets at the same time:

Suppose your total assets are 654.38+00,000, including 700,000 stock assets (value investment, annual income of 20%) and 300,000 new assets (low-risk investment, annual income of 20%). For one reason, the stock market plummeted suddenly, and 700,000 stock assets shrank by 20% to 560,000. Then these 300 thousand dozens of new assets joined the stock investment, and later the stock assets rose by 20% Your total assets become 6.5438+0.03 million, and you make a profit of 30,000 by holding two weakly related assets.

4 quality real estate or real estate investment trust fund assets

For ordinary people, the two assets that can be contacted are high-quality equity and high-quality real estate. I am not familiar with real estate, and my starting point is very high, which is beyond my ability circle. You can consult a professional real estate consultant if necessary.

I only said Reits assets. REITs are also called real estate investment trust funds, or real estate investment trust funds, which are different from our common stock funds and bond funds. REITs only invest in real estate or other real estate, and then rent it out to make money by collecting rent. To put it simply, we all raise money to buy a house and rent it out.

REITs originated in the United States in the 1960s, and its biggest feature is to distribute 90% of the profits of that year to investors every year. According to historical statistics, during the 20 years from 1997 to 20 17, the average annualized rate of return of American REITs reached 1 1.9%.

In addition, REITs have low investment threshold, tens, hundreds and thousands of dollars can participate, and they have good liquidity and can be bought and sold at any time like stocks, so REITs are very popular abroad.

The investment field has also broadened from the initial real estate to the fields of hotel storage, industrial real estate, infrastructure and so on, and has become a mature financial product specializing in real estate investment.

China REITs mainly invest in infrastructure construction. In other words, the government raises funds from the public for the construction of infrastructure, and the income generated by infrastructure belongs to investors.

There is also a reason for launching REITs for infrastructure, not for houses and apartments.

On the one hand, the current housing prices are relatively high, and the government still adheres to the policy of "housing and not speculating" to avoid capital flowing into real estate. Moreover, the domestic rental return rate is too low, less than 3% in first-and second-tier cities, and real estate REITs are not competitive.

On the other hand, it is in the hot period of infrastructure investment and needs a lot of money.

At present, there is only one Reits fund in the domestic A-share market: Penghua Vanke REITs (on-site: 18480 1), and this fund is not pure REITs. 50% of the fund assets are purchased from the equity of the target company (Qianhai Vanke Mansion), and 50% of the fund assets are invested in stocks, bonds and money market instruments of listed companies. From this perspective, it is not a pure REITs.