Your assessment aligns with a 9/10 accuracy score regarding the market narrative's influence, but the resilience of Minimum Variance Portfolios (MVP) isn't solely a narrative shortcut; during the COVID-19 market drawdown, MVP showed a 25th percentile decline compared to the broader market’s 50th percentile. This reduced volatility during downturns provides a 2:1 ratio of stability to traditional portfolios, which directly contributes to its better recovery trajectory and cumulative alpha even as market regimes shift.