Subject: Re: NH NL rising
BTW most fund managers have realized this and have options of Target Dating - ie they automatically switch from Aggressive Equity to Balanced Bond and then Stable Value as it closes on target date of need.

That being said - that is simply a better risk optimized B&H - if you use Bear Catchers etc - YOU WILL/SHOULDN't use them - because your premise is to do Risk ON/OFF - so you want to be FULLY AGGRESSIVE when Bullish and fully defensive when not.

Hope that made sense!