张一贞

张一贞 is the 面基 guest in E145.上钟了！4000点之上的心理按摩, where he discusses A-share exposure after a large rally, valuation indicators, trend-following discipline, stock-bond allocation, and the psychological cost of drawdowns. His practical stance is not a single market call; it is a shift from all-in bull-market excitement toward Multi-Strategy Allocation, A-Share Valuation Indicators, and drawdown-aware Investment Risk Management.

Key Points

• Uses multiple valuation and behavior indicators rather than treating any single metric as a timing oracle.
• Separates value exposure from momentum exposure so subjective judgment and rule-based Trend Following do not interfere with each other.
• Treats Drawdown Psychology as an investment constraint because long losses can damage action capacity even when the final return is acceptable.
• Frames ordinary-investor survival around staying present, keeping ammunition, and reducing emotional dependence on a single asset market.

Connections

• 面基 — podcast/show where the conversation appears.
• A-Share Valuation Indicators — main indicator cluster explained in the source.
• Multi-Strategy Allocation — his portfolio answer to uncertainty and regret.
• Trend Following and Value Investing — the two strategy families he contrasts and combines.
• Drawdown Psychology and Investment Risk Management — practical reason for reducing exposure and using more than one strategy.