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如何打理意外之财？

Of the 1,000-plus 12-month rolling periods Vanguard analyzed for the U.S. markets, lump-sum investors saw their portfolios decline in value during 229 periods, or 22% of the time, with the loss during those periods averaging $84,000. Averaging in produced losses during just 180 periods, or 18% of the time, with the typical loss approaching $57,000.

先锋集团分析了美国市场的1,000多个12月滚动投资期，其中一次性投资者的投资组合价值在其中229期，即22%的时间里下降，在这些投资期的平均损失为84,000美元。平均成本投资法只在180期，即18%的时间里有损失，平均损失将近57,000美元。

Bottom line: Having some money in cash blunted losses in the short run, but in the long run it dragged down returns. If you average in, you are choosing to pay higher prices down the road for the protection it buys you against losses and regrets today, or you are betting on a paradigm shift where stocks and bonds won't continue to outperform cash.

基本结论：保留部分现金会在短期内减少损失，但在长期内将降低收益。如果你采用平均成本投资法，就相当于选择了在将来支付更高的价格，换取对目前损失风险的防范，要么就是你认定将出现范式转移，即股票和债券的表现不会持续胜过现金。

Mr. Courtney has one solution for the risk-averse with a large sum to invest: Try investing one-quarter to one-half of the money upfront and the rest over six months to a year. That way, if the market does fall, at least you'll get some of your money in at the lower prices.