MPT is still valuable if max. drawdown is taken as risk measure and the fact that correlations of most traditional assets can go up to 1 in crises taken into account. To avoid such desastrous losses, which retail investors fear most, but still provide good long-term returns, it is necessary to combine assets with high return and correspondingly high volatility but zero to negative correlation, particularly in crises. Besides equities and real estate this necessitates the allocation of alternative assets such as trend following managed futures, which are becoming more and more available for retail investors.