I enjoy reading the MFO articles. Anybody have thoughts regarding the article mentioning .....a 20% equity portfolio translates into receiving 60% of the returns of an all equity portfolio with about 25% of the volatility? Just a Thinking Fast and Slow type observation....volatility (SD) is a annualized metric that would remain in this case relatively consistent over time around 25% but the 60% yearly returns vs SPY compounded over a 30 year retirement horizon would not be 60% after 30 years. A significant difference in return. IOW's the value one receives from low SD does not compound over time. Although there is value inherent.