Asset Allocation by Roger C. Gibson Summary
Overview of Asset Allocation
Forget market timing myths. "Asset Allocation" - Gibson's award-winning masterpiece endorsed by Dr. William Bernstein - reveals why diversification across real estate, commodities, and global securities creates superior risk-adjusted returns. The financial blueprint Wall Street doesn't want everyday investors to discover.
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核心要点
The Wealth-Building Secret of the World's Greatest Investors
When Warren Buffett was asked about the secret to his investing success, he didn't mention stock picking or market timing. Instead, he pointed to asset allocation as the foundation of his wealth-building strategy. Ray Dalio, founder of the world's largest hedge fund, attributes 85-90% of investment returns to proper asset allocation-far more than security selection or market timing. This approach isn't new; the Talmud advised 2,000 years ago: "Let every man divide his money into three parts, and invest a third in land, a third in business, and a third keep in reserve." This ancient recommendation essentially advocates for diversification across real estate, stocks, and bonds. The wisdom became strikingly clear during the 2000-2002 bear market when U.S. stocks plummeted 47%, but a diversified investor following this ancient advice would have achieved a positive 5% return during this severe downturn.
The Behavior Gap: Why Most Investors Underperform
The Math Behind Market Returns: What Really Drives Performance
The Futility of Market Timing: Why Staying Invested Matters
The Magic of Time: How Investment Horizons Transform Risk
The Power of Correlation: Why Diversification Works
Overcoming Your Greatest Investment Enemy: Yourself
快速摘要模式 - 9分钟阅读或收听《Asset Allocation》摘要
将《Asset Allocation》的核心观点拆解为易于理解的要点，了解创新团队如何创造、协作和成长。
闪卡模式 - 《Asset Allocation》精华：10条核心见解
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趣味模式 - 《Asset Allocation》的启示 - 22分钟故事
通过生动的故事体验《Asset Allocation》，将创新经验转化为令人难忘且可应用的精彩时刻。
个性化模式 - 0分钟阅读或收听《Asset Allocation》摘要
随心提问，选择声音，共同创造真正与你产生共鸣的见解。
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"It is great for me to learn something from the book without reading it."
"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."
"Makes me feel smarter every time before going to work"
"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."
"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."
"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."
"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."
"Reading used to feel like a chore. Now it’s just part of my lifestyle."
"Feels effortless compared to reading. I’ve finished 6 books this month already."
"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."
"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."
"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"
"It is great for me to learn something from the book without reading it."
"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."
"Makes me feel smarter every time before going to work"
"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."
"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."
"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."
"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."
"Reading used to feel like a chore. Now it’s just part of my lifestyle."
"Feels effortless compared to reading. I’ve finished 6 books this month already."
"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."
"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."
"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"
"It is great for me to learn something from the book without reading it."
"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."
"Makes me feel smarter every time before going to work"
"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."
"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."
"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."
"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."
"Reading used to feel like a chore. Now it’s just part of my lifestyle."
"Feels effortless compared to reading. I’ve finished 6 books this month already."
"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."
"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."
"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"
"It is great for me to learn something from the book without reading it."
"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."
"Makes me feel smarter every time before going to work"
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