As the Nasdaq and the S&P 500 index trade at all-time highs, it is opportune to examine whether our portfolio would cushion us with an acceptable margin of safety in the event of severe market stress.
Sun Tzu, the ancient Chinese war strategist, was often quoted as saying we should first position ourselves beyond the possibility of defeat before waiting for the opportunity to defeat our enemy. As it is in a war, it is also so in the investment game.
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