Aneet Deshpande

anticipate drawdowns, I think it's very hard to create expectations on pacing around probability of market outcomes.

We have to assume certain things of public markets and then we react accordingly on the funding side equation for those commitments.

Yeah, that's so true.

And for the majority of our clients and just kind of focusing on the endowment foundation side, they're operating with that sort of framework.

So you have to have one codified investment policy statements.

That is a future practice that every institution should follow.

And then what you do inside of that really matters.

That sets the tone for the investment committee.

It protects the organization or the corpus of the assets from decisions that the committee may have otherwise made.

So there's a interplay there that I think is very valuable that

leads families and family outcomes also in a similar way.

Investment policy statements are and should be a key front end deliverable for clients.

To your point around the ranges, that's a very, very, very important thing.

What gets lost, I think, a lot of times in markets is the power of momentum.

And if you rebalance too much, you lose the momentum effect.

And that can be meaningful for people.

So this idea that you want to be so precise every day and tout that as an asset sort of sets aside the fact that there's this thing called momentum and that you may actually do better by letting it run a little bit before rebalancing.

So you can quantify some of this stuff, obviously, but those things are real.

And having things like ranges in your IPSs allow you

not only operational flexibility, but rebalancing flexibility and then investment flexibility for us as decision makers to be able to make decisions and not be held to an Excel sheet for all intents.