163 Simple Equity-Bond Asset Allocation vs Ray Dalio's All Weather Portfolio

 163 Simple Equity-Bond Asset Allocation vs Ray Dalio's All Weather Portfolio 简易的股债资产配置 vs 达里欧的全天候资产配置

Before this, I did a simulation on Ray Dalio's All Weather Portfolio using Malaysian Unit Trust.

After that, I keep thinking what will the result like if it is a simple Equity-Bond Asset Allocation.

So, today I run another simulation to compare.

Same thing, I am going to use FundSuperMart's Portfolio Simulator.

Assumptions:-

Initial Investment: RM100,000

Backtest Period: 10-Year

Rebalancing: Quarterly

Wholesale Fund: No

Funds to use:-

Manulife Invesment U.S. Equity

Amanahraya Syariah Trust

Amanahraya Unit Trust

RHB Gold and General

Manulife Global Resources

Allocation for Portfolio 1 & 2

The Result:

Observation:

Seems like both portfolio has similar returns, with volatility of Portfolio 1 slightly higher than Portfolio 2.

For those who has smaller initial investment, e.g. RM10,000, they can employ Portfolio 2 for ease of allocation of capital.

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在这之前，我用 本地信托基金试算了达里欧的全天候资产配置。

接着，我就想知道如果我只用最简单的股债资产配置的话，结果会是如何呢？

今天，再来做一次新的试算来比较看看吧。

同样的，我用 FundSuperMart 的 Portfolio Simulator.

假设：

初始投资额 Initial Investment: RM100,000

回测期限 Backtest Period: 10-Year

再平衡 Rebalancing: Quarterly

Wholesale Fund: No

基金：

Manulife Invesment U.S. Equity

Amanahraya Syariah Trust

Amanahraya Unit Trust

RHB Gold and General

Manulife Global Resources

组合 1 & 2 的配置如下：

成绩如下：-

观察：

两者的回酬似乎不相上下，注意到组合 1 的波动稍微高于组合 2。

对于只有较低投资额的人，举例 RM10,000，他们可以直接运用组合 2 因为比较容易分配资金。

162 An Experiment: Ray Dalio's All Weather Portfolio using Malaysia Unit Trust 实验：用马来西亚信托基金尝试重建达里欧全天候资产组合

162 An Experiment: Build Ray Dalio's All Weather Portfolio using Malaysia Unit Trust 一个实验：用马来西亚信托基金尝试重建达里欧全天候资产组合

Who is Ray Dalio?

Raymond Thomas Dalio is an American billionaire investor and hedge fund manager, who has served as co-chief investment officer of the world's largest hedge fund, Bridgewater Associates, since 1985. (Source: Wikipedia)

What makes Ray Dalio to create All-weather Portfolio?

The principles behind All Weather relate to answering a deceptively straightforward question explored by Ray with co-Chief Investment Officer Bob Prince and other early colleagues at Bridgewater — what kind of investment portfolio would you hold that would perform well across all environments, be it a devaluation or something completely different? (Source:- The All Weather Story)

What is the breakdown of All Weather Portfolio?

Weight Investment Themes

30.00 % U.S., Large Cap

40.00 % Bonds, U.S., Long-Term

15.00 % Bonds, U.S., Intermediate-Term

7.50 % Gold

7.50 % Commodity, Broad Diversified

Breakdown the All Weather Portfolio using Malaysia Unit Trust

In fact, if investors have stock trading account that can trade US stocks, he can actually build the portfolio using US' ETF (like VTI etc).

But let say I am more comfortable with local unit trust, can I duplicate a similar portfolio. Let's try to see each category. I will use info from FundSuperMart Malaysia and Morningstar Malaysia.

U.S., Large Cap

In Malaysia, there are two US Equity funds available to retail investors.

• Manulife Investment U.S. Equity Fund - MYR Class
• RHB-GS US Equity Fund

Bonds, U.S., Long-Term and Bonds, U.S., Intermediate-Term

For local unit trust, there is no retail unit trusts invested in US bonds. So, let's replace with local unit trusts. Below is the one I always use.

• Amanahraya Unit Trust Fund
• Amanahraya Shariah Trust Fund

Gold

There are altogether four funds in this category, but only the below two are more than 10 years old.

• RHB Gold And General Fund
• Precious Metals Securities

Commodity, Broad Diversified

For commodities, we search using the word "resources".

• Manulife Global Resources Fund
• RHB Resources Fund

I am going to pick one or two funds from each category. (Warning: This selection is based my personal preference. It is not objective. Please do not follow!)

U.S., Large Cap:- Manulife Investment U.S. Equity Fund - MYR Class

Bonds, U.S., Long-Term and Bonds, U.S., Intermediate-Term:- Amanahraya Unit Trust Fund, Amanahraya Shariah Trust Fund

Gold:- RHB Gold And General Fund

Commodity, Broad Diversified:- Manulife Global Resources Fund

The Returns of Individual Funds

The total returns and annualised returns of each funds are as below chart. I use Chart Center from FundSuperMart Malaysia.

Apparently, if I simply invest in Manulife Investment U.S. Equity Fund - MYR Class, my annual returns for the past 10 years is 14.39%. This is consider very good especially when we consider the recent drop of roughly 25%. However, the volatility — at 22.42% — is very high too.

If I am very kiasi, and were to fully invest in bonds — namely Amanahraya Unit Trust Fund and / or Amanahraya Shariah Trust Fund — my returns 2.79% & 1.94% only. Actually the returns were dragged down because of the effect of US rising interest rate.

How about combined them into a portfolio? The All Weather Portfolio!

For this, I use Portfolio Simulator from FundSuperMart Malaysia. The assumptions are

• Initial Investments:- RM100,000
• Backtest Period: - 10-Yr
• Rebalancing:- Quarterly
• Wholesale Funds:- No

Portfolio 1:-

• 100% Manulife Investment U.S. Equity Fund - MYR Class

Portfolio 2:-

• 30% Manulife Investment U.S. Equity Fund - MYR Class
• 30% Amanahraya Shariah Trust Fund
• 25% Amanahraya Unit Trust Fund
• 7.5% RHB Gold And General Fund
• 7.5% Manulife Global Resources Fund

The results are

The annualised returns for Portfolio 1 is 13.89% (RM100,000 becomes RM367,007). The annualised returns for Portfolio 2 is 7.52% (RM100,000 becomes 206,538).

Portfolio 2 is significantly lower than Portfolio 1, but the chart is much smoother too. Considering the current market situation (equity and bonds tanked together), I think Portfolio 2's returns is very good and not so stressing.

The largest drawdown during the current market crash

From experience, investors always think they are aggressive investors who can tahan market crash, but in fact they are not. See -5%, still can tahan. See -10%, a little bit uneasy. See -15%, maybe cannot tahan liao. See -20%, sell sell sell.

So, let's see how much was the largest drawdown during the current market crash.

The calculation:-

Comparatively, I think losing -6% is less stressful than losing -21%.

Small Conclusion

I think this Ray Dalio All Weather Portfolio is very suitable for investors who are seeking higher returns with fairly lower volatility. Most important of all, the portfolio can absorbs unexpected shocks like stock market crash. In the normal situation, bonds will rise when stock market go lower. Likewise, gold and commodities — which has inverse relationship with equity — will also help to lift the portfolio value.

Reminder:- I do not currently own such All Weather Portfolio.

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请问谁是达里欧先生啊？

雷蒙德·托马斯·达利奥（英語：Raymond Thomas Dalio，1949年8月8日）出生于纽约，现居康乃狄克州费尔菲尔德县，是美国对冲基金经理、慈善家。雷·达利奥是桥水基金公司的创始人兼首席執行官，而橋水基金於2013年被列為全世界最大的避險基金公司。（来源：维基百科）

达里欧先生为何要找寻这个全天候投资组合啊？

全天候投资组合背后的原则其实就是为了回答这些人的一个非常简单明了的问题。这些人是达里欧、co-Chief Investment Officer Bob Prince、以及桥水基金早期同事们。这个问题就是 — 怎样的组合才是你想要持有的组合，即任何环境下（货币贬值也好、其他情况也好）都有好的表现的组合? (自己翻译。有错请指教。Source:- The All Weather Story)

全天候投资组合由什么合成啊？

比重  投资主题

30.00 % 美国大型股

40.00 % 美国长期债券

15.00 % 美国短期债券

7.50 % 黄金

7.50 % 一般大宗商品

试试看用本地信托基金合成这个全天候投资组合咧

其实捏，如果投资者有股票投资户头，他们就可以直接买入美国 ETF 来配置这样的全天候投资组合滴。

但是，万一我比较喜欢本地信托基金，可不可以配置接近接近的组合呢？我们一样一样来看。我会用 FundSuperMart Malaysia 和 Morningstar Malaysia 的网站来找资料。

美国大型股

在本地，只有两个美国基金是开放给所有投资者的。

• Manulife Investment U.S. Equity Fund - MYR Class
• RHB-GS US Equity Fund

美国长期债券、美国短期债券

本地信托基金，没有专门投资美国债券的。所以我用本地基金来代替。以下是我常用的。

• Amanahraya Unit Trust Fund
• Amanahraya Shariah Trust Fund

黄金

这个组别里面有四个基金，但是只有两个基金有十年历史。

• RHB Gold And General Fund
• Precious Metals Securities

一般大宗商品

大宗商品，我们用关键字 "resources"。

• Manulife Global Resources Fund
• RHB Resources Fund

现在啊，我从每个组别选一两个基金。 （提醒！以下所选的全部是根据我的喜好，并不是客观的分析。请不要贸贸然跟喔！盈亏自负！）

美国大型股:- Manulife Investment U.S. Equity Fund - MYR Class

美国长期债券，美国短期债券:- Amanahraya Unit Trust Fund, Amanahraya Shariah Trust Fund

黄金:- RHB Gold And General Fund

一般大宗商品:- Manulife Global Resources Fund

各个基金的回酬

各个基金的回酬如下图所示。我用 FundSuperMart Malaysia 的 Chart Center 。

很明显的，如果我单押 Manulife Investment U.S. Equity Fund - MYR Class ，我的10年复利回酬是 14.39%。以现在的环境，美股跌了大概25%，还有这样的回酬算是非常了不起的。可是啊，波动率 — 22.42% — 也是很高捏。

假设我是怕死的投资者，全部单押债券的话 — Amanahraya Unit Trust Fund 或者 Amanahraya Shariah Trust Fund — 我的回酬只有区区 2.79% & 1.94% 罢了。这样的回酬其实是被美国升息的影响拉低的。

啊，如果把他们做成组合会怎样？全天候投资组合喔！

现在就要用到 FundSuperMart Malaysia 的 Portfolio Simulator 。所做的假设如下：-

• 初始投资额 Initial Investments:- RM100,000
• 回测期限 Backtest Period: - 10-Yr
• 再平衡 Rebalancing:- Quarterly 每季
• Wholesale Funds:- No

组合 1:-

• 100% Manulife Investment U.S. Equity Fund - MYR Class

组合 2:-

• 30% Manulife Investment U.S. Equity Fund - MYR Class
• 30% Amanahraya Shariah Trust Fund
• 25% Amanahraya Unit Trust Fund
• 7.5% RHB Gold And General Fund
• 7.5% Manulife Global Resources Fund

成绩来咯

组合1的复利回酬为 13.89% (RM100,000 滚成 RM367,007). 组合2的复利回酬为 7.52% (RM100,000 滚成 206,538).

组合2的回酬明显低于组合，但整条线图明显平顺很多，代表着波动比较低。依目前的市场来说组合2的回酬亮眼又比较没有压力。

本波股市下跌最大跌幅

倚老卖老，投资者总是高估自己是激进型投资者，即可以忍受市场暴跌，事实却又很残忍。当他们看到 -5%，还可以顶。看到 -10%，有一点紧张了。看到 -15%，应该顶不顺了。看到 -20%，快点卖，天要塌了。

那就让我们来看看此次股市下跌的跌幅。

计算如下：-

相比而言，个人相信亏损 -6% 的压力应该远远低过亏损 -21%。

小总结

个人认为达里欧的这个全天候投资组合非常适合那些要稍高回酬、稍低风险的投资者，比如退休人士。尤为重要的，此组合能承受股市暴跌的震荡。在正常的情况下，股市下跌、债券会上。黄金以及一般大宗商品也能提振组合的价值，因为这两种与股市也是呈相反的联动。

再次提醒。本人目前没有全天候投资组合！

161 Title (House / Land) is very important during ownership transfer 在转移拥有权時屋契、地契很重要

161 Original Title (House / Land) is very important, Quit Rent receipt also very important 正本屋契、地契很重要，地税收据也很重要

Record down the recent experience of collecting Title from Land Office, for the purpose of estate administration.

When comes to ownership transfer, Land Office will need the original copy of Title (land / house).

At the same time, Land Office will also need a copy of quit rent receipt, copy of all owners' IC, and authorisation letter is any member can be present.

If our parents still keep the old format Title (hand written), please immediately bring them to Land Office to collect the new format (computer printed, A4 size).

Old format Title is not accepted for ownership transfer purpose.

When we first collect the Title, be sure to double triple check the information inside it.

Make sure all the name spelling, IC# are correct.

Inform the officer if you spot some errors.

Old format Title, being handwritten, some words may be hard to read.

So, it is possible to wrongly key in, especially when the workload is very high.

After collecting the Title, be sure to keep in a safe place to prevent it from being torn or damage.

It is advisable to keep all official documents in one place, and let your family members know where is it.

This is especially useful in the event of estate administration, to ensure the whole process can be less hassle and speedier.

If the Title is lost, or can be located, or not readable, got to report for lost.

The replacement process can take 6 months or more.

/ / / / / / / / / /

记录一下最近到土地局领取地契的经验。该地契是要用于遗产转移的。

到土地局领取正本的地契、屋契時，土地局要查看旧的地契、屋契，确保该地契、屋契的状况良好、没有破损。

同时呢，土地局也要地税的副本，所有拥有人的身份证副本。

如果拥有人当中有人不能出席，需附上授权书表示同意某家人代为领取。

万一我们的父母亲仍然收着旧版本（手写的）的地契、屋契，请快快带他们去土地局申请领取新版本的地契、屋契（A4 size 电脑打印）。

旧版本的地契、屋契不能用来做拥有权转移事宜。

土地局需要正本的地契、屋契才能处理。

当我们一拿到地契、屋契時，务必务必再三检查里面的资料正确无误。

尤其检查名字拼音及身份证号码。

如果发现有错误，马上通知官员。

旧版本的地契、屋契是用手写的，所以有可能在输入电脑時不慎写错。

收到地契、屋契后，记得记得收在妥当的地方以免破损。

最好是将所有正版文件收在一个地方，并且让家人知道。

如此，当遇到遗产管理時，整个过程可以比较顺畅、更加快捷。

衰衰地契、屋契真的真的不见了、找不到、破顺臺严重了，只好申办遗失。

整个等待期可能长达半年或更长。

160 Private Global Wrap Account (PGWA) - your answer to offshore investment 离岸投资

160 Private Global Wrap Account (PGWA) - your answer to offshore investment 离岸投资

We have customers who:-

(1) have savings oversea, e.g. people working in Singapore or HK but no time to do investment in their office hours

(2) want to invest their overseas saving but they are now staying in Malaysia

(3) want to build children's education funds in other currencies

(4) want to invest in overseas shares / ETF / unit trust

Overseas vs Offshore

Before explaining PGWA, it's very important to differentiate overseas and offshore. I use unit trust funds as example. In Malaysia, many of us invest in overseas funds (eg China funds) to diversified our portfolio. However, even though it is overseas fund, it is still investment in Malaysia and in MYR, the money is still in Malaysia.

For offshore unit trust funds, we are investing in funds outside of Malaysia. Example unit trust funds in Singapore market or US markets. The money is outside of Malaysia.

Using example of a person having savings in Singapore:-

(1) If he want to buy China funds in Malaysia, he has to move the money back into Malaysia, convert into MYR, then only he can invest.

(2) He has another options of buying China funds in Singapore without moving money back into Malaysia. This way his money is still in Singapore.

What is PGWA?

PGWA is our answer to people who want to invest his money that is outside Malaysia, or parents who want to build education fund in SGD or USD or AUD etc.

Comparing of buying shares / ETF, it may be cheaper to use Phillip Securities Singapore's platform than local investment banks platform. And we can reach out to so many stock exchanges.

In terms of unit trust, I can suggest more funds for clients like Taiwan fund or Korea fund. In Malaysia, we can only invest through Greater China fund or Asia Pac funds.

Why PGWA?

In PGWA, we have many PMA mandate that may be beneficial to investors.

Examples:-

PGWA - In this portfolio, investors can choose whether to invest in unit trust or shares available in Singapore or US other markets. Some of our customers buy Apple / Tesla shares etc.

PGWA PPM - In this portfolio, Phillip's fund manager will help investors to in shares in Singapore / HK / Thailand markets.

PGWA DWrap - For investors who are not comfortable investing in stocks, PGWA DWrap invest in a portfolio of unit trust funds that fund manager identified to be the best in the category.

So, imagine you are still working and you build your blue chips stocks or dividend stocks. By the time you retire, you can transfer all the shares into your personal CDS account and start getting those dividends.

PGWA suitable for you?

If you want to earn more for your offshore savings, you can invest it to grow without moving the money back to Malaysia.

Or you are parents who are planning for children's education fund in say SGD or USD, start by investing in offshore unit trust / shares directly in that particular currency to avoid future currency exchange rate loss.

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160 Private Global Wrap Account (PGWA) - 离岸投资方案

我们的顾客当中，有的:-

(1) 在国外有储蓄，例如那些在新加坡或是香港工作的，但无法在工作时间做投资

(2) 想投资他们在国外的储蓄但却住在马来西亚

(3) 想为孩子准备其他钱币的教育基金

(4) 想投资外国的股票/ETF/信托基金

国外 vs 离岸

解释 PGWA 前，先来分别国外跟离岸的区别。我以信托基金来做例子。在马来西亚，我们很多人都有投资国外基金（如中国基金）来分散风险。但是呢，虽然是国外基金，其实呢那个投资还是在国内并以马币计算，钱仍然在国内。

而离岸基金呢，我们是投资在存在于国外的基金。例如在新加坡、或美国市场的销售的信托基金。钱是在国外的。

比如某位在新加坡拥有储蓄的人:-

(1) 如果他想买在马来西亚的中国基金，那他就必须把钱从国外移回马来西亚，转换成马币，之后才能投资。

(2) 他还有另一个选择就是买新加坡销售的中国基金。如此，他的钱仍旧在新加坡。

什么是 PGWA?

PGWA 是给投资者的方案，来帮助他们投资于国外（离岸），或是父母为孩子建立新币、美元、澳币教育基金。

买卖股票 / ETF 来讲，或许通过 Phillip Securities Singapore' 平台会比较划算。且可以投资更多的股市。

以信托基金来讲，我可以建议更多的基金比如台湾或南韩基金。而在本地，我们只能投资大中华或亚太基金。

为何考虑 PGWA?

透过 PGWA，我们有几个组合供投资者参考。

例如:-

PGWA - 这个组合让投资者有机会投资于新加坡或美国等的信托基金、股票。有顾客买了 Apple / Tesla 股等。信托基金跟股票、ETF在同一个户头喔。

PGWA PPM - 这个组合让辉立的基金经理把投资者的钱投资在新加坡、香港、泰国股票。

PGWA DWrap - 对于较不能接受股票的投资者， PGWA DWrap 是基金经理帮投资者投资于一揽子的信托基金。

PGWA 适合你吗？

若是你想为在国外的储蓄赚取更多的财富，PGWA 平台让你免于把钱移回马来西亚。

又或者你想为孩子建立新币、美元的教育基金，现在就投资于离岸信托基金或是股票来避免将来要用到时面对汇率的损失。

159 Private Managed Accounts (PMA) - your answer to local shares investment 本地股票投资

 159 Private Managed Accounts (PMA) - your answer to local shares investment 本地股票投资

A lot of investors may be interested in investing in shares, but without the knowledge or time to do so. The current work around method is investing in unit trust to indirectly investing in shares. Now, investors can consider using PMA to hold shares.

What is PMA?

PMA is very similar to unit trust or fund of funds, depending on the target investment. The major difference between unit trust and PMA is management of investors' money.

In unit trust, all investors' money are put into a pool or a unit trust fund and then managed by a fund manager. During redemption time, investor will get back his investment in money only.

While in PMA, fund manager managed an investor's money separately from other people's money. During redemption time, investor has the choice of getting back his investment in money or shares etc.

Simple analogy to understand PMA

Let's say today I found a very good business that is worth investing, but I do not know how to run the business, I can invest in the business and become a sleeping partner. All I need to do is periodically spot check on the business or the account. At one day if I want to withdraw from the business, I get back my share in money. This is unit trust.

Let's say today I found a very good business that is worth investing, but I do not how to run the business, instead of joining the business as a sleeping partner, I decided to come out with the capital and employ a capable manager to run it for me. All I need to do is periodically spot check on the business or the account. At the same time, I may or may not want learn how to run the business. At one day, if I decided to terminate the manager's contract, (1) I can decide whether to sell the business and pocket the money, or (2) I can take over the business and run it myself. This is PMA.

Why PMA?

From the simple analogy, you can get the idea PMA is building an investment portfolio for your future. Why do I say so? Because we have many PMA mandate that may be beneficial to investors.

Examples:-

PMA Blue Chips - In this portfolio, Phillip's fund manager will invest investor's money into blue chips stocks.

PMA Dividend Enhanced - In this portfolio, Phillip's fund manager will help investors to invest in dividend stocks.

PMA Opportunity - In this portfolio, Phillip's fund manager will help investors to in small- and mid-cap stocks.

PMA UT - For investors who are not comfortable investing in stocks, PMA UT invest in a portfolio of unit trust funds that fund manager identified to be the best in the category.

So, imagine you are still working and you build your blue chips stocks or dividend stocks. By the time you retire, you can transfer all the shares into your personal CDS account and start getting those dividends.

PMA suitable for you?

I like to encourage investors to have a retirement fund making up of diversified portfolio. You must have EPF, PRS, unit trust and shares.

For shares, investors may not have the knowledge or time to invest. Why not give it to professional fund managers? Investors can top up regularly and build up a portfolio of shares for retirement.

I especially encourage investors to have blue chip stocks and dividend stocks. During retirement, we want passive income - dividend from EPF, unit trust, and shares.

Why not build it now instead of waiting until retirement? Working years are the prime investing time because we have regular income, sufficient time for portfolio to grow and top up to make grow bigger.

After retirement, we may have become too conservative to invest!

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 159 Private Managed Accounts (PMA) 本地股票投资的方案

有许多投资者有兴趣投资股票但却没有相关能力1或时间。目前只能透过信托基金来间接投资股票。投资者不妨考虑透过 PMA 持有股票。

什么是 PMA?

PMA 是辉立独有的投资产品，它类似信托基金或是 fund of funds，这就取决于投资在哪里。PMA与信托基金最大的差别在于投资者的钱如何管理。

在信托基金里，所以投资者的钱都会放进同一个基金里，然后由基金经理管理。在赎回时，投资者只以钱的方式拿回投资。

而在 PMA 呢，基金经理单单管理某位投资者的钱，不能把这位投资者的钱跟别的投资者的钱参在一起管理。在赎回时，投资者可以选择拿钱或是拿股票。

理解 PMA 的简单比喻

假设今天我发现了某个有利可图的生意，但我又不会管理，我可以参股成为睡觉的股东。我就是不时不时的查看生意或是账目。到某一天我决定退股啦，我只能以金钱的方式拿回我的那一份。这就是信托基金啦。

又假设我发现了某个有利可图的生意，但我不会管理，我可以出资然后请有本事的经理来管理。我就不时不时的查看生意或是账目，甚至从中学习。知道有一天时机成熟了，哦我决定不需要那位经理来管理了，我可以卖掉整盘生意或是自己接着做。当然也表示将来我可以让孩子继承生意喔。这就是PMA啦。

为何选 PMA?

从以上的比喻，你应该可以理解可以通过 PMA 来建立未来的股票投资组合。怎说呢？PMA 里有几个组合挺好的。

例如:-

PMA Blue Chips - 辉立的基金经理会把投资者的钱投资在蓝筹股。

PMA Dividend Enhanced - 辉立的基金经理会把投资者的钱投资在有派股息的股票里面。

PMA Opportunity - 辉立的基金经理会把投资者的钱投资在中、小型股票里。

PMA UT - 对于还不能接受股票的投资者，基金经理会把投资者的钱投资在有潜能又是最好的信托基金里面。

所以呢，试想你还在工作却已经开始建造你的蓝筹股或是股息股，以便你退休时，你可以把这些好股票转入你私人的 CDS 来收股息。多好呢？

PMA 适合你吗？

我乐意鼓励投资者把自己的退休金建造成多方收入的组合。你一定要有公积金、私人退休金、信托基金以及股票。

股票呢，不是每个人有能力或时间投资的。即如此，何不交给专业的基金经理呢？投资者可以不时的加码来创造更多股票组合供退休用。

我尤其鼓励投资者拥有蓝筹股和股息股。此类股票一般都属于大型的、赚钱的公司，所以比较安稳点。退休时，我们就像可以收到被动收入嘛 - 来自公积金、信托基金和股票的股息嘛。

因此，与其等到退休后，何不现在开始呢？乘着还在工作时仍然有固定收入、又有足够时间让投资增值变大时，开始吧。

退休后，可能我们已经变得保守而不敢投资了呢！