alpha generating a success.
However, I only manage my own money. I can turn the portfolio to all cash if I see it appropriate, and also I can slightly lever up the portfolio if opportunities knock on the door.
For any manager of a pool of capital, they do not have this flexibility, because they promise to their clients that they would take risks to generate returns.
After all, it is all about your personal risk tolerance. if you can tolerate a drawdown of 90%, you stick to the market and wait for the market to compensate you.
