I added a jumpy asset.
The portfolio got calmer.
15.7%
Where an 18 percent equity book's swings landed after a sleeve that itself swings 15 percent a year went in
A friend told me over chai he wanted to add a bit of gold but worried it was too volatile, that it would make his equity portfolio shakier. Sounds right. It is backwards. I ran the numbers in front of him. Adding the jumpy sleeve lowered the whole book's volatility. He added risk and the portfolio moved less.