Why does CAZ use a barbell approach compared to the normal “pie chart"? Very simple. We don’t believe that a family has to subject themselves to excess general market risk and volatility in order to get a solid rate of return. Risk for a HNW family is different than that for an institution with an unlimited time perspective. Drawdowns don’t impact institutions with 30 – 50 year time horizons the same way they do for a family. Risk for a family is really the risk that they won’t have their money available when they NEED it. The barbell approach has the ability to dramatically reduce drawdowns in bad market environments while still achieving the growth objectives of a family.