“Volatility dampening” is a form of risk mitigation, no? Another form is insurance against loss from fire damage. Would you purchase a policy that contained the following language? “The insurer reserves the right to NOT honor claims for up to a decade at a time without notice.” In fy 2009, the alt-heavy endowment composite lost ~21% of its value, compared with ~14% for 60/40. For sure somebody’s house burned down in that year.