Position allocation is indeed a very, very important dimension. It may not be obvious at first glance, but over a long period, especially during extreme market conditions, it can lead to significant differences in returns.

However, is there a standard answer for position allocation? With 100,000 in capital and 10,000,000 in capital, the position allocation will definitely be different. Long-term investing and short-term trading are, of course, also different.

Some people manage their positions against the trend, increasing their holdings in a bear market and selling to those chasing gains in a bull market. Others may completely hold cash in a bear market and only go long when in a bull market. Who is right and who is wrong?