📒 The core premise of asset allocation is to manage the time horizon of funds and avoid “maturity mismatch.”

When evaluating any investment target, you should consider the period during which the funds can be used before considering the expected rate of return.

Based on the length of the funds’ time horizon, construct a tiered liquidity management pool:
short-term funds ensure high liquidity; mid-term funds balance flexibility and asset efficiency; long-term funds are set aside to ride through economic cycles.

If the time attributes of funds are ignored, it is easy to be forced to liquidate assets under sudden liquidity needs, causing a break in cash flow.

In summary, clearly defining the intended use of funds and the time span is a prerequisite for pursuing investment returns.

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