←Stage 17
Part Seven · Portfolio Construction & Management

Portfolio-Level Risk

Stress-test the whole portfolio — drawdowns, concentration, correlation, and tail risk.

Stage 16 built the portfolio. Stage 17 stress-tests it. Drawdowns, concentration, the correlation trap, single-stock blowups, the bonds-vs-stocks story, and the meta-lesson that most headlines do not matter — all framed at the level of the whole portfolio, not the level of any one position.

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StartLesson 1 · History of Drawdowns (1929 → 2020)
What you’ll learn & rewards9 lessons · Risk Reader badge · 324 coins
  • A felt sense of what a 50% drawdown does to a real portfolio
  • Three concrete concentration limits for your own holdings
  • The correlation trap — how it ambushes diversified investors
  • Single-stock tail risk, named and sized
  • A calm mental model for the daily financial-news firehose
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All lessons

  1. 01History of Drawdowns (1929 → 2020)
  2. 02What a 50% Drawdown Feels Like
  3. 03Position Concentration Risk
  4. 04Sector Concentration Risk
  5. 05The Correlation Trap
  6. 06Single-Stock Tail Risk (Enron, Wirecard, Lehman)
  7. 07When Bonds Hedge Stocks — and the 2022 Exception
  8. 08Asset Mix as the Primary Hedge
  9. 09Meta-Lesson: Most Headlines Don't Matter

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