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Rebalancing is not a return lever but a way to steer risk: a fixed rule that sells what has risen and buys what has fallen, and takes the decision out of the moment.
8 min readThe most expensive line item in a portfolio is rarely the market, but the distance between the return of a strategy and what the investor actually keeps from it through their own timing.
7 min readWhy selling in a panic usually locks losses in, and what the evidence describes as a calm counterweight.
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