avoiding unnecessary variance is already outperformance.

Over the last several sessions, something very simple has been true.

If you were long “the market,” odds are you’re doing materially worse than I am.

Not emotionally.

Not narratively.

Structurally.

Let’s be precise.

Within the S&P 500, more than one-fifth of constituents have experienced single-day declines of 7% or more. That isn’t noise. That is institution…