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a teaser that opens on the "brilliant in the portfolio, blind everywhere else" hook, names the two flawed instruments, and lands on the client quietly walking, full text is in the file.

Ruin rarely comes from a bad average return. It comes from a bad order. Sequence of returns risk decides whether a wealthy household survives a rough market, but the withdrawal rate decides how much damage it can do. And the withdrawal rate is just spending: the one end of portfolio risk a household can actually control.