A useful way to think about this: a resilient portfolio usually has a liquidity hierarchy, not just a return hierarchy. Some assets are there to compound. Others are there so you do not have to disturb the compounding assets at the worst possible time. That is one reason portfolio design should account for cash needs and rebalance friction ahead of time. Example: Liquidity planning often matters more during stress than small differences in expected return. The mistake is building everything for return and nothing for optionality. That is the kind of small conceptual habit that compounds into better decisions over time.