That is fine when you are managing an endowment for future generations, and you do not have to worry about redemptions – particularly if you have binding financial agreements in place to protect the assets from family divorces. But look up your standard super fund and the defensive component tends to be significant. Sure, there is the need for higher income to fund Baby Boomers’ retirements, but the predominant reason is that they all use the same asset allocation methodology to develop their products. The components of risk used to calculate their efficient portfolios have barely moved since the GFC….