Risk is difficult to measure and to manage. ETFs and indexes exist that provide performance averages. Mutual funds suffer from overhead and management costs, loads and redemption fees. When investors are paying fund managers to reduce risk, minimize volatility and maximize returns, and they realize an industry average, index (which has no management), or T-Bill has bettered their fund, they should be upset. They have experienced an opportunity loss while taking on excessive risk, and while paying people to manage that risk. We could use a backward looking lense to hopefully get a projection of what future performance or risk-adjusted returns might be. But, people cannot make informed decisions because they cannot truly know past risk, present risk, and more importantly future risk. As the economy changes and as individual assets within a portfolio change, daily, one must have a means of contemplating different asset allocations based on reality and make necessary adjustments to maximiz
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