DrRoy
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I believe it teaches everyone how truly comfortable they are with their AA,well beyond what various tests/assessments tell you how much risk you can tolerate. It is the "practice" that validates if your "theory" is correct.
+1 I found that I was doing so much better than in 2008. My AA was 58 instead of 82 and beta was 1.0 instead of ~1.2. I had been on a course where with every (approx) 4% rise in NW I was reducing my AA by a point. Going forward, I am thinking of making these moves a little larger, as I do not really need the equity exposure.