Do Not Fear. Do Not Predict. Prepare.

Most investment professionals are probably more used to trying to pin point the regime changes as they come, rather than build a portfolio that's going to out perform all types of regimes for a hundred years. The average retail investor is not able to necessarily time those changes perfectly. And even if they're able to do so, if you're managing a 50 billion dollar portfolio, it's difficult to tilt the portfolio. If there's under performance, as one would expect given current valuations and the current correlation mix withtheir mentsyou can expect that deficit to rise to anywhere between three trillion dollars up to nine trillion dollars.