Thus the lesson is: only choose investments that your client will be capable of holding even during horrible times, because the worst losses come from panic selling. (alephblog.com)
They proved to be able to drop passes at horrible times again. (sbnation.com)
Then again, in really horrible times, no strategy works well, so that is not a criticism of rebalancing — just that it is useful most but not all of the time. (alephblog.com)