Myron tackles some of the toughest conundrums in risk management: when to de-risk, when to re-risk, and how to think about risk in a real, multi-period world. Myron, in conversation with Phil Maymin, critiques the standard 60/40 portfolio allocation, highlights the illusion of fixed correlations for risk management, and points out subtle but common mistakes people make in estimating risks, and offers an innovative perspective on how to move forward.