A useful way to think about this: capital allocation and risk allocation are not the same thing. What is happening: Two positions can each be 10% of capital and still contribute wildly different amounts of risk. Why it matters: That matters because portfolio discipline lives in risk contribution, not in capital symmetry. In practice: A high-volatility sleeve can dominate the emotional experience of the portfolio even when its capital weight looks modest. Watch for: The mistake is assuming equal capital weights mean balanced exposures. Useful lens: On the next portfolio review, separate what feels urgent from what is structurally important. The point is not to memorize the label. The point is to know what variable is actually doing the work.