市场崩盘时该怎么做：理性投资者的操作手册

Market crashes feel like the end of the world when they are happening. Portfolio values plummet, headlines scream catastrophe, and the overwhelming instinct is to sell everything before it gets worse. This instinct, while natural, is the single most destructive impulse an 投资者 can act on.

Every significant market crash in history has been followed by a recovery that exceeded the previous peak. Every single one. The 投资者 who benefited from these recoveries were those who held their positions through the crash. The 投资者 who suffered permanent damage were those who sold during the decline.

知道在市场崩盘时该怎么做，关键不在于勇敢或逆向思维，而在于拥有一个无论你当下感觉如何都能执行的计划和系统。

Step one: do nothing to your 配置. Your target 配置 was set during calm conditions when you could think clearly. The crash has not changed the fundamental reason for your 配置. Changing it now would mean making a major financial decision during a period of maximum emotional stress.

Step two: if possible, add to your 投资组合. Crashes create opportunities to buy quality assets at discounted prices. Investors who added capital during the 2008 financial crisis or the 2020 pandemic crash saw extraordinary returns in the following years. Regular contributions during a crash are the closest thing to a guaranteed advantage in investing.

Step three: 再平衡. During a crash, some themes fall more than others, pushing your 配置 away from targets. Rebalancing buys more of the depressed themes at lower prices. This is mechanically simple but psychologically difficult, which is why automated 再平衡 is so valuable during crashes.

The playbook for market crashes is simple to understand and extraordinarily difficult to execute manually. The emotional intensity of watching your 投资组合 decline makes rational action nearly impossible for most 投资者.

Automated 投资组合管理 executes the rational playbook without requiring rational behavior from you. It maintains your 配置. It 再平衡s into the decline. It keeps you positioned for the recovery that has always followed. This is when automation earns its keep.