Risk Management

[Temperament]

Completely agree with you about asset allocation. But don't we all want to party a bit longer in a Bull Market and milking the cows in the field a little bit more if we think we can protect our "backside" when the sudden Bear appears?

that's called GREED, not risk management.

risk management often will result you earning less but suffering less as well.

i think you are correct and wrong at the same time.
Why?
It's greed when your hedge doesn't work to your advantage.
If it works then you have upgrade your investing skill.
Anyway why are we doing asset allocation or re-asset allocation of our complete portfolio?
It's actually a hedging action.
In other words, in all types of investments we must always use hedging one way or another.
If not our entire portfolio really can be wiped out at one "swipe".

if you were so confident that you could milk the cow a little bit more, and you did it, I would say that there would be no risk to hedge. therefore, there is no point for risk management. No risk, where will we get risk management.

Exactly, if no risk why need to hedge? Like i say it again, "In investment, there is no 100% sure thing, therefore we need to hedge. Therefore there is a market for hedging products . Only hedging is not easy to undertake or even understand. Anyway it's O. K. if hedging is not a form of risk management to you. Everyone is entitle to his own thinking.
Please be reminded i said i am very ashamed of myself i don't know how to hedge for 23 years of investing; And i have no confidence at all about hedging and not like what you said to quote you:- "if you were so confident that you could milk the cow a little bit more, and you did it, I would say that there would be no risk to hedge."
Again i say, "It's O. K. you are entitle to your own thinking". We don,t have to carry on discussing about hedging as we already quite clear about our positions. We see it differently.
Actually i need someone to share with me more about hedging not, not there is no need to hedge.
Anyway thank you for your opinion. Hedging is greed to you if i did not misunderstand you. . i understand we are different. Hedging to me is a great skill to learn. And often not so easy to understand. And even harder to master. It's O. K. we have different understanding of hedging here. We don't have to proceed further on this idea.
Cheers!