There's really only two phases and then a transition between them. There is an accumulation phase where you're trying to grow your portfolio to a certain size. And that's why you want to shift to a more diversified portfolio, like one of these risk parity style portfolios. But I think with all of these problems to solve the issue is always, when am I going to need this money? It's the first question. And then everything else drives based on that answer.

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