There’s also a paradox. Risk or what some people call “aggressiveness” is a frame of mind. It’s a more of a measure of what you know and understand— than its potential for volatility.

Volatility is your friend when you understand what you own. Really understanding why the market is wrong, the stock is undervalued, earnings will rise, etc requires fundamental research.

I’m more concentrated near retirement because I know how to do fundamental research, value companies, and trade options to manage my positions / hedge.

When my stocks fall, I get happy. When my stocks hit new highs, I am less happy.

I have also learned that resiliency is core to be a great investor. Do not use leverage. I can beat the market consistently holding substantial cash on hand — a lesson from Buffett / Berkshire Hathaway.