“I would do volatility targeting at the portfolio level… if I would expect that the volatility going forward would be elevated, then I would cut the risk across the board at a portfolio level.”

“We began volatility targeting the portfolio ... its average volatility would be in approximately probably about a 15 vol in the 90s ... later ... to mute those kinds of responses, to make it more compatible with professional allocators”

“When the market is down, we leave the diversified stock portfolio alone. We take your income out of your safe, protected accounts that have not lost any money.”

“That moved us down this path of having much more flexible asset mix bands… reference portfolio is a signal of risk appetite, not a rigid construction exercise.”

“I use threat intelligence to map out the types of scenarios that can make our portfolio of risks... you're doing for your insureds what you do for yourself.”