%% 80% is way too much if I listened to my broker/CFP, he said I should keep the percentage = 100 - my age, in stocks and the rest in bonds. But I ignored him because if he is right, he would have retired to Monte Carlo and not charged me 1% NAV. I followed Munger but couldn't emulate his successes.
I just noticed you are a Hongkonger. My opinion, short answer, for a newbie with meager capital, on #1 is don't. You are better off betting on horses: https://www.straitstimes.com/asia/the-gambler-who-cracked-the-horse-racing-code-in-hong-kong As for #2, I already gave you my opinion.
%% MR Munger sounds better; but even the most+ best mutual funds dont do 100%, 1-3%[edit cash-money market] for redemptions \ so no panic selling. LOL. Sounds like to much bonds/ if using a good budget like Dave Ramsey Budget. Planned selling is different: I like well managed money market, much more than bonds, but that's personal