所以，理论上，打败长期定投的方法，就是把自己未来十几年或者几十年陆陆续续要定投的钱，都借到当下，然后在当下一次性买进。跟未来的自己借钱到现在投资，这也是《Lifecycle Investing: A New, Safe, and Audacious Way to Improve the Performance of Your Retirement Portfolio》这本书的核心观点。
Some people here have lots of equity in real estate
Their stock portfolio is just a small portion of their assets. Technically they are more like real estate investors than stock investors. They take much more risks in stock trading. By the end of the day, even if they lose all the money in stock portfolio, they can still live very well with rental income.
So if you try to follow any suggestions here, make sure your asset allocation is aligned well. Otherwise, your risk management can be off a lot.
Charles Schwab的研究已经说了，在几十年的尺度上，
每年都非常不幸的定投在当年的高点，
每年都非常幸运的定投在当年的低点，
以及每年都在第一天一笔买入，
最后的差别远远没有想象的大。
那到底是为什么呢？直观的解释就是，过好几年以后，价格已经上涨很多了。跟几年后涨上去的价格相比，今年的价格，或高或低，差别都不大了。我自己是18年左右才开始投资的，对比现在VOO的价格，VOO到底是在18年哪一天买的根本不重要，也确实不记得了，真正重要的是要在18年买入。现在只会后悔18年买的太少，不会纠结有没有买在18点的低点。
所以，理论上，打败长期定投的方法，就是把自己未来十几年或者几十年陆陆续续要定投的钱，都借到当下，然后在当下一次性买进。跟未来的自己借钱到现在投资，这也是《Lifecycle Investing: A New, Safe, and Audacious Way to Improve the Performance of Your Retirement Portfolio》这本书的核心观点。
至于如何跟未来的自己借钱呢？没有统一的答案。书里的观点是在自己年轻能承受更大风险的时候，上2x大盘的leverage ETF，以后随着年纪增大，再慢慢降杠杆。
我个人更喜欢硅谷居士的方案，自住房cash out refinance，借钱投入大盘，以后再慢慢还房贷。因为房贷是最安全的杠杆，没有margin call，借贷利率也更低。
这种方案的风险就是今后几十年大盘不涨反跌。虽然风险很低，但理论上无法排除。因此，虽然不能因为有这种小概率的风险，就不定投大盘了，但也犯不上一定要冒这风险去上借未来的钱。
HELOC
如大千网友所说, 大跌加买就是追回失去的青春. 所以, 我非常珍惜每一次加买的机会.
Their stock portfolio is just a small portion of their assets. Technically they are more like real estate investors than stock investors. They take much more risks in stock trading. By the end of the day, even if they lose all the money in stock portfolio, they can still live very well with rental income.
So if you try to follow any suggestions here, make sure your asset allocation is aligned well. Otherwise, your risk management can be off a lot.
更简单是先搞清楚买方报告和卖方报告的差别。