Reduce exposure to short-term market noise to prevent emotional decision-making.

Your primary (e.g., retirement, wealth preservation)

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: The text emphasizes that real-world financial markets are "interlaced" and complex, requiring a framework that accounts for both the visible risks in the center and the hidden risks in the "tails" of distribution. Pragmatism over Purity

Markets achieved new record highs driven by corporate earnings growth. ~34% (S&P 500)