Push for the peak: the distinction between theoretical conceptualization and empirical validation is absolutely critical, and often overlooked in the rush for quick answers. Where the highest-payoff expression of this idea lies is in acknowledging that even a robust backtest, while essential for validating an asset allocation strategy, does not guarantee future outperformance. The full expression of its value hinges on continually accounting for regime shifts in market volatility and correlation, which can drastically alter expected risk contributions over time.