Valuation still looks convincing, page-24

Ah yes, the standard deviation is the most important variable in all of portfolio management.

THAT'S WHY IN A SHORT DOWN CYCLE MFG UNDERPERFORMED BY 17%, KILLED A DECADE OF OUTPERFORMANCE IN ONE YEAR WHILE FOCUSING ONLY ON BETA AND SCREAMING ABOUT TOTAL RETURN, AND EVEN ALMOST DESTROYED THEIR ENTIRE COMPANY FROM IT.

Thank GOD they had a single variable that has nothing to do with returns and is constantly changing day to day in check though!

The only people stupid enough to use standard deviation as a meaningful variable are too stupid or ill-equipped financially to have even a basic understanding of how it works or what MPT is for that matter.

Brain rot from active managers trying to scam morons into paying them a fee for underperformance.