How much are you prepared to give up in order to sleep better at night? A strange question, perhaps, in the context of investing. But it's one that needs to be asked (by you) and answered (by your client.)

Classical finance theory makes no room for such luxury when considering how to best deploy personal assets in the quest for investment returns. But classical finance theory often fails to capture the real-life concerns of investors. In fact, the failure of economic theory-and subsequently the financial services industry-to address this question is one of the primary sources of poor advice to investors.

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