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Here's a last thought on Harry Markowitz not following his own conclusion:
In many things, not just investing, there can be an "ideal mathematical point." It might be based on assumptions, but you could also estimate the impact of those assumptions. However, the perfect plan you don't follow won't be as good as the "reasonable" one you do.

I see that on an athletic training board I follow and contribute to. There are all these posts on "is this the perfect workout for me?" where the writer tries making up something cobbled together from the pre-contest workouts of professional bodybuilders. Over a few weeks, people will try to convince that person to follow something more in line with his experience level and goals, but in that period the writer won't have done *anything*. On the investing front, the 80/20 portfolio had as much staying power in drawdown as a 60/40, and more than a 40/60, but if you recognize that you wouldn't be able to hold on through a market swoon, you're just recognizing and accommodating that.
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