We were already investigating dynamic asset allocation strategies before the crisis, but we had not yet reached the implementation phase. Going through this crisis has only strengthened my interest in exploring how dynamic allocation can play a role in protecting against downside risk.

Active rebalancing. Long- and short-term investment horizons are not mutually exclusive, particularly when you have cash outflows. This is just good risk management and should definitely be more widely embraced.

Instead of letting a portfolio aimlessly drift until some happenstance trigger occurs, a clearly identified staff member was tasked with taking ownership of the asset allocation decision and making adjustments in an explicit, rules-based, and informed manner,” as quoted in “How Knowledge Management Can Capture Untapped Alpha: A Case Study of Informed Rebalancing at the San Bernardino County Employees’ Retirement Association.