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Volatility is back, and with it the urge to do something. I spent the morning reviewing client portfolios, and the most valuable work wasn't in the trades I made—it was in the ones I didn't. When markets swing, the noise is designed to pull you into reaction. But allocation is a discipline, not a mood. The portfolios that hold up are the ones built on clear risk budgets, liquidity buffers, and a view of the macro backdrop that doesn't change every time a headline does. Today, I'm thinking about three things: 1. Position sizing relative to conviction—not to recent performance. 2. Cash as an asset, not an afterthought. 3. The difference between volatility and risk. Volatility is a price; risk is permanent loss. Staying rational while the tape moves fast is the job. It's also the edge. If you're an investor in Zurich, you know the market doesn't care about your timeline—but your plan should. What's your discipline when the noise gets loud?