When do you need volatility dampening the most? In economic downturn. Ten years, of which most represented a bull market, don’t really provide evidence of whether any portfolio is a good volatility dampener. A longer historical period is needed to be more conclusive. Also it would be interesting to know which alts are included and in which percentages in the alt heavy 60% portfolio. Not sure if private equity for example has to be seen as vol dampener or more as return enhancer?