When considering de-risking or portfolio adjustment, the critical question is whether the downside scenario you're protecting against would be psychologically/financially unacceptable, not whether you underperform in a bull scenario

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Speaker

Justin Carbajal

Evidence Quote

what how would you have felt instead of the Market being up 20 and you're up 10 if the market was down 20 and even you know and you were down 22 like would that have been an acceptable Choice here

Source

Practical Lessons from Ben CarlsonExcess Returns
Created: 8/11/2026, 6:21:49 AM

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