In a liquidity event like March 2020, all asset classes sell off at once because most portfolios are constructed with 99-100% offensive assets (long GDP, short volatility), meaning correlations converge to one and diversification fails precisely when needed most.

causalpending

Speaker

Jason Buck

Evidence Quote

when March 2020 happens all of your assets sell off at once and that's why we call them all offensive assets

Source

Why Defense Wins in Investing | Practical Lessons from Jason BuckExcess Returns
Created: 8/11/2026, 7:37:59 AM

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