晋侯
2025.06.27 18:16

Learning 📚 Keep cash in your portfolio

Longbridge - 龟派投资
龟派投资
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Why should we try to maintain two layers of cash in our positions?

In Graham's "The Intelligent Investor," it is suggested that investors limit their stock investments to between 25% and 75% of their funds and take countermeasures based on market trends. I didn't take it seriously a few months ago—since I entered the stock market, of course, the goal is to make money. Keeping money idle means it won't appreciate. If the author believes the stock market will rise in the long term, why not go all in for potentially higher returns? Could the author be mistaken? Book knowledge alone feels shallow. After this period, especially under the guidance of 'Google Sensei,' I've come to understand a bit. After all, Graham is a master; of course, he knows that money in the stock market appreciates...

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