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Great follow up to an equally well written part 1. A few things resonated with me:

"When problems arise (as they inevitably will), you need to be able to look at those problems with a clear and detached mindset, which gives you the best chance of making a rational decision. Emotional decisions are almost always bad decisions and will often lead to poor results." ==> the best and only chance i would say.

"…but I’m not sure most investors using this approach have given their portfolio construction as much thought as I think they should. I also don’t know if these portfolios have truly been stress tested yet" ==> im also with here, i dont think they have been stress tested yet. 2022 may have been a mini stress test for US investors and some (if not plenty) failed.

"How much is adequate? Everyone here has a different answer. " and "Each investor has their own "correct" level of diversification that matches their investment style and perhaps more importantly, their personality." and "One of the things about investing that has always fascinated me is that there is no one way to win. It's a true liberal art and not a science, even when implementing a more quantitative type approach. " ==> well put, a true liber art indeed. and it goes back to point 1, what ever gives a clear and stable mentality, has the best chance of success.

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