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With long-term investments, equities are the biggest component.When goals have shorter terms, holdings are in safer securities like fixed-income funds. MPT shows that by combining more assets in a portfolio, diversification is increased while the standard deviation, or … This figure is hypothetical in nature and simply shows six portfolios of imaginary uncorrelated asset classes with an assumed volatility of 12%. Not an offer, solicitation of an offer, or advice to buy or sell securities in jurisdictions where Betterment LLC is not registered. Investors should avoid portfolios that take unnecessary and uncompensated risk. A simple example below shows that as you add to a portfolio uncorrelated assets—i.e., assets whose prices move independently of one another—the overall portfolio becomes less volatile, even when each asset has the same individual level of volatility. © Betterment. returns that exceed the risk free rate—projected for portfolios of the Betterment Portfolio Strategy. With bonds, by contrast, you're a lender instead of an owner. Portfolio variance is a statistical value that assesses the degree of dispersion of the returns of a portfolio. On the other hand, if your goal is very early retirement (also known as financial independence), you likely need to invest heavily in stocks to get the kind of returns you'll need to grow your money by a significant amount in a short time. The portfolio now has the same diversification as a portfolio of three loans of equal size. A financial advisor can help you manage your investment portfolio. The combination of different assets, especially uncorrelated assets, is known commonly as diversification. While diversification reduces portfolio risk and offers longer-term growth potential, it can limit growth in the short term. Because of diversification, we can see that the combinations of assets are expected to perform better than the individual assets themselves. Mid Cap companies have a market value between $2 billion and $10 billion. Higher levels of diversification allow you to take less risk to help achieve your desired level of return. It is a risk management strategy used to diversify a portfolio in an attempt to limit exposure to any single asset or risk. It's your money – it’s important to put it to work in the way that makes sense for you. Each investor has his own risk profile, but there is a possibility that he does not have the relevant investment security that matches his own risk profile. Mortgage Calculator ... believe that one or more alternative asset classes benefit diversification while increasing the potential return of the portfolio. Diversification can help protect you against events that would affect specific investments. Investment analysis tools have limitations; results may vary. We will generally use the term volatility to express a multiple of standard deviation, depending on our chosen confidence level for VaR (i.e., confidence level multiple X standard deviation). Our asset allocation tool shows you suggested portfolio breakdowns based on the risk profile that you choose. We divided the companies into 3 categories based on their market capitalization. All times are ET. The author of “Personal Finance: An Encyclopedia of Modern Money Management” and “How to Get Rich; Without Winning the Lottery,” Barbara has taught courses in corporate finance and investing at several universities. Bank of America® Travel Rewards Visa® Credit Card Review, Capital One® Quicksilver® Cash Rewards Credit Card Review, See how your investments will grow over time, See how inflation impacts your investments, primarily focused on portfolio stability and preservation of capital, will need the money from their investments in five years or less, has a medium investment time horizon and seeks a growth potential that can compete with inflation concerns, someone with a portfolio that primarily consists of investments in cash and bonds, willing and able to accept some risk or volatility, primarily focused on pursuing a modest level of portfolio appreciation with minimal principal loss and volatility, someone with a portfolio that primarily includes investments in cash and bonds with some allocation in equities, looking for a balance between portfolio stability and portfolio appreciation, willing and able to accept a moderate level of risk and return, an investor focused on growth but looking for greater diversification, someone with a portfolio that primarily includes a balance of investments in bonds and equities, primarily focused on pursuing portfolio appreciation over time, can tolerate market downturns and volatility for the possibility of achieving greater long-term gains, someone who won’t need the money from their investments for 10 years or more, someone with a portfolio that has exposure to various asset classes but primarily invested in equities, primarily focused on pursuing above-average portfolio appreciation over time, someone who can tolerate higher degrees of fluctuation in the value of his investments, someone who won’t need the money from their investments for 15 years or more, someone with a portfolio that has exposure to various asset classes but will be heavily invested in equities. When investors use Betterment Flexible Portfolios, we measure the amount of uncompensated risk they are taking in their portfolio. What is the most important reason for that score? On the other hand, having 0% in stocks might not earn you enough over the next 7 years to get you ready for retirement. Brokerage services provided to clients of Betterment LLC by Betterment Securities, an SEC-registered broker-dealer and member of FINRA Bonds are the foil to stocks. At year 10, 0.5% of portfolios are losing money. The benefit of diversification. Volatility of a portfolio with N uncorrelated assets, all with 12% assumed volatility. Then we use the results of that simulation to show you the range of values that your initial portfolio amount may grow into, as well as the likelihood of reaching that range. At year 10, 1.7% of portfolios are losing money. Learn the ins and outs of how gambling works from a quantitative investor, and use it to your advantage in investing for the long term. All rights reserved. Market Data The goal is generally, as you’ve likely heard, to "buy low and sell high.". Diversification is a core strategy for reducing investment risks. Cash gives your assets some liquidity. The blue points represents the Betterment Portfolio Strategy across the entire risk spectrum. You can see more research on diversification here. Google Play and the Google Play logo are trademarks of Google, Inc. Apple®, the Apple logo®, the App Store®, and iPhone® are trademarks of Apple, Inc. Any links provided to other websites are offered as a matter of convenience and are not intended to imply that Betterment or its authors endorse, sponsor, promote, and/or are affiliated with the owners of or participants in those sites, or endorses any information contained on those sites, unless expressly stated otherwise. Definition of Diversification. When you take more risk in your portfolio, you should aim for expected compensation via a higher return; it doesn’t make financial sense to take on more risk for less or the same returns. If you want your money to grow substantially over time, you'll need at least some equity exposure. Most stock quote data provided by BATS. Buying stocks comes with what's called "equity exposure," the risk that the shares you own could fall in value or become worthless. How much you decide to allocate to stocks will depend on your goals, age and risk tolerance. Some people tolerate risk better than others. To measure diversification in a Flexible Portfolio, we calculate the expected return and volatility of the customized portfolio and compare it to an appropriate comparison portfolio in the Betterment Portfolio Strategy. Consider a portfolio with returns of +15%, -10% and +25%. In finance, diversification is the process of allocating capital in a way that reduces the exposure to any one particular asset or risk. The more liquid an investment is, the more easily and quickly you can access it and put it to use. Figure 3. This is also known as owning equities. You can also buy mutual funds, index funds or exchange-traded funds (ETFs). The efficient frontier acts as a kind of north star, illustrating the best returns an investor could expect for a given level or risk. Because our recommended portfolios are optimally diversified, these serve as the starting point for any comparison. Most assets will have price swings along the way; however, not all asset prices change at the same time or in the same way. When a portfolio moves further from the efficient frontier, it may be taking additional risk that you are not being fully compensated for. The right balance of investments gives you a path to reach your goals, with less risk. Actual returns will vary greatly and depend on personal and market conditions. Unless otherwise specified, all return figures shown above are for illustrative purposes only, and are not actual customer or model returns. Diversification . Achieving Optimal Diversification to Reduce Unsystematic Risk . Portfolio Diversification Done Right. Uncompensated Risk from Poor Diversification. /SIPC. These include money market funds and short-term CDs (… They are not intended to provide comprehensive tax advice or financial planning with respect to every aspect of a client's financial situation and do not incorporate specific investments that clients hold elsewhere. This calculator provides analysis based on your input. That's why it's generally suggested that you allocate relatively more to bonds as you get closer to retirement. This figure illustrates hypothetical annual expected excess returns—i.e. How should I allocate my assets? Currently, U.S. investors may be asking themselves why they should be investing outside of their home country when their own stock market is doing so well. Would you have enough money left to stick to your plan and retire at 67, or would you have to stay in the workforce for longer than you intended? To help investors maintain diversification while adjusting their portfolios’ individual asset classes, we give real-time feedback about the level of portfolio diversification as they construct a Flexible Portfolio. You keep earning interest until the bond's maturity date. We use historical returns and standard deviations of stocks, bonds and cash to simulate what your return may be over time. If your goal is to create an emergency fund that you might need to access at any time, the liquidity that cash offers is a big, er, asset. Tag: portfolio diversification calculator. When an investor is adjusting a portfolio using Flexible Portfolios, we provide real-time feedback on the amount of uncompensated risk. See how we determine largest independent online financial advisor. Stocks 70% Bonds 30% Cash 0%. The articles cater to a wide range of experience levels and include general topics as well as topics focused on getting the most out of the Diversify Portfolio … The less that prices move in tandem, the smoother the returns of the overall portfolio are expected to be. In investment speak, "cash" doesn't necessarily mean a pile of Benjamins under the mattress. An alternative way to measure diversification is to compare your portfolio with the "maximum diversified" portfolio. SmartAsset’s interactive map highlights the companies with the best performing stocks across the country. Set up traditional, Roth, or SEP IRAs to save for the golden years. Portfolio diversification analysis is available to any Stash customer with an invest account, and it can help you take small steps to craft a more diversified portfolio. Figure 1. Companies and governments issue bonds to raise money. Advisory services provided by Betterment LLC, an SEC-registered investment adviser. US Treasury bonds are generally considered a rock-solid investment because there's virtually no risk that you'll stop receiving interest or that you could lose your principal. We wanted to find the companies with stock prices that have grown the fastest and paid the most in dividends while providing the least amount of risk to investors. Shown graphically, you can see that a portfolio consisting of 80% US stocks and 20% US bonds is expected to achieve the same annual return as the Betterment 63% stock portfolio, but has almost 10% more risk. Sources: Yahoo Finance, Bloomberg, U.S. Department of the Treasury. Earn Rewards: Sign up now and earn a special reward after your first deposit. See offer details, Now available: New and improved Socially Responsible Investing portfolios. In other words, price volatility is unavoidable, but if we choose the right set of investments, we may be able to lower the overall volatility of the portfolio. They're the slow-and-steady refuge when stocks aren't performing well. For nearly two decades she worked as an investment portfolio manager and chief financial officer for a real estate holding company. These returns include reinvestment of dividends and are in excess of the risk free rate. You can also see that there is a boundary at which we can no longer create a portfolio that has a higher expected return, given its level of risk (points no longer go higher or further to the left). Stocks 30% Bonds 70% Cash 0%. This calculation is hypothetical in nature, does not represent actual returns attained, and does not take into account any future economic or market conditions. Figure 3: Portfolio 1 Correlation Matrix. State rankings include companies headquartered in that state. Cash gives you flexibility and acts as a buffer against equity risk. See details and disclosure for Betterment's articles and FAQs. Get your retirement plan on track with Betterment’s digital planning and investing tools. This process has two steps. The key to thinking about risk tolerance and investing is balancing your innate risk tolerance with the other two factors discussed above - your goals and your age. Take some risk out of investing by balancing your portfolio. To the extent that there is marketing related to Betterment Checking, it is provided by Betterment Financial LLC. So, we define our diversification rating as the difference between the volatility of the Flexible Portfolio and the rescaled volatility of a comparison portfolio in the Betterment Portfolio Strategy. Rebalancing is a key to maintaining risk levels over time.It's easy to find people with investing ideas—talking heads on TV, or a \"tip\" from your neighbor. The value of shares fluctuates. FACEBOOK TWITTER LINKEDIN By Daniel Jark. Mathematically, as long as assets not perfectly correlated, we can combine them into a portfolio to lower the overall volatility. The grey points represent other portfolio combinations using the fund components of the Betterment Portfolio Strategy. Barbara Friedberg is an author, teacher and expert in personal finance, specifically investing. We all deal with overlapping - sometimes competing - financial goals. We want enough money to live on in retirement but we also want a little extra money to leave to our children as an inheritance. How likely is it that you would recommend this tool to a friend or colleague? We used the rate on a 3-month Treasury bill on March 31st, 2016 as the risk-free rate. For more details, see our Form CRS, Form ADV Part II and other disclosures. However, this greater potential for growth carries a greater risk, particularly in the short term. There are a number of reasons investors may want to adjust the holdings in their portfolios. Betterment Cash Reserve is offered by Betterment LLC. This could be due to a problem with the specific company that issued the shares or it could be caused by a general stock market crash. As time horizons shorten, the mix changes. Your principal? What would you do if your investment portfolio lost 30% of its value when you hit age 65? We used the stock price and dividend data to calculate an average annual stock price return. But these ideas aren't a replacement for a real investment strategy.We believe that you should have a diversified mix of stocks, bonds, and other investments, and sho… Then, we assess how much additional risk the Flexible Portfolio may be taking on by scaling the Betterment-recommended portfolio to have the exact same expected return as the Flexible Portfolio. The value across time of the two-asset portfolio is likely to be somewhat smoother while any drawdown in value is less severe. So, the variance of a fully diversified portfolio will be the average of the covariances. Say you set your portfolio to be 80% stocks, 15% bonds and 5% cash. To measure diversification in a Flexible Portfolio, we calculate the expected return and volatility of the customized portfolio and compare it to an appropriate comparison portfolio in the Betterment Portfolio Strategy. It entails investing in different asset classes to spread the risk across different sectors of the economy. The example demonstrates the mathematical reality that a portfolio of assets that do not perfectly correlate is less volatile than any single asset in the portfolio. diversification is apparent in the increase of the diversi-fication quotient from two to three. For companies with multiple classes of shares, the rankings represent the best performing class for each of those companies. Calculator. Not to mention the fact that you'll probably want to change your asset allocation as you age and your goals change. 3. When you buy shares in a company you're investing in stocks. Methodology Our study aims to find the companies with the best performing stock in each area of the nation. Step 4: Calculate portfolio VaR, given correlations between all variables. If a portfolio’s uncompensated risk is too high, we will highlight it and recommend increasing diversification across assets. This property and any marketing on the property are provided by Betterment LLC. When you buy stocks you become a partial owner. Barbara has a degree in Economics, a Masters in Counseling and an MBA in Finance. Portfolio Diversification refers to choosing different classes of assets with the objective of maximizing the returns and minimize the risk profile. Then we looked at the stock price, dividends and volatility of each company over a time period of a little more than 5 years (from December 31st, 2010 to March 31st, 2016). Some pay dividends to their shareholders. The Sharpe Ratio is the stock return minus the risk-free rate divided by volatility. How Betterment calculates "better returns". How to Diversify Your Investments (Episode 26) Investing; Podcast; July 3, 2020 July 10, 2020 Fitz 3 comments. If you reinvest the dividends from your stocks, you'll eventually end up with a higher proportion in stocks than the 80% you started out with. Your bond will come with a coupon rate that represents the percentage of your principal that you'll receive as an interest payment. by Xignite. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. As illustrated below, the less that prices move in tandem, the smoother the returns of the overall portfolio are expected to be. The information provided by Betterment Customer Support is educational only and is not investment or tax advice. Calculator; Home › Definitions › Diversification. If you like the thrill of risk and you don't mind experiencing ups and downs, a high percentage allocated to stocks won't phase you. See Figure 3 for more information on the analysis behind this chart. The relative proportion of this mix can create the optimal portfolio for any investor — regardless of their objective. If you have an asset allocation of 90% stocks and 5% cash and 5% bonds at age 60, you'll have high potential for growth but also high risk. Zoom between states and the national map to see the best performing stocks in each area of the country. Build wealth or plan for your next big purchase. Simply put, diversification is an investment approach that aims to combine different investments in order to reduce the overall risk in a portfolio. Typically, a very aggressive investor is: At year 10, 3.7% of portfolios are losing money. The calculator below provides key investment portfolio risk metrics: risk contributions, volatility, beta, value at risk (VaR), maximum drawdown, correlation matrix and intra-portfolio correlation (IPC).It also compares the estimated parameters with those of the broad market SPY ETF. Investment Period: We assume a 30 year investment horizon. Investment Returns: We use historical results of different major indices to calculate expected returns. Now that we have two portfolios with comparable expected annual returns, we evaluate how much additional risk (expected volatility) a custom portfolio may be taking. Portfolio diversification is achieved by mixing different types of investments together in order to reduce risk. Below, you can see the result of various portfolios that combine global stock and bond assets. Asset Allocation Calculator: This tool will suggest an asset allocation for you across different asset classes based on your level of risk capacity and risk tolerance. (1:01) The […] Continue reading. We want to save for retirement but we also want to save for a house. An objective of almost any portfolio is to seek growth with as little volatility as possible. Once you've decided to start investing your money, you'll have to decide on an asset allocation that's appropriate for your goals, age and risk tolerance. For investors, one of the most important considerations is how to manage portfolio risk. See how 9 model portfolios have performed in the past. Stocks 50% Bonds 50% Cash 0%. Keeping money in cash could mean putting it in a high-yield savings account or a short-term bond or CD. Learn more. At Betterment, we have carefully constructed our recommended portfolio strategy to achieve optimal diversification; it’s one of the core principles of our investment philosophy. What this Calculator Means by Stocks and Bonds: Stocks = S&P 500 Bonds = 10 year treasury bills Compound Returns Not Average Returns: Average returns are not computed (or meaningful) because with investing the sequence of returns impacts the final balance. VaR can be estimated as follows: VaR = Market value X Price volatility. Expected Returns Calculation: We use a Monte Carlo simulation of 10,000 portfolios to calculate expected returns. In other words, we measure how far the portfolio is straying from the efficient frontier. This information is shown for illustrative purposes only and does not constitute a recommendation for allocations for any account. You can sync your employer plans alongside your IRAs to get a better retirement picture. That's the amount you pay for a bond. Actual results may differ significantly from the values shown. The Asset Allocation Calculator is designed to help create a balanced portfolio of investments. It’s worth taking a moment to review why diversification matters. If you put all your money in bonds you probably wouldn't earn enough to beat inflation by much, depending on interest rates. She is committed to investment and money education. As a shareholder, you can make money through dividends, from selling the stock for more than you paid or from both. Most people can't afford much volatility in the value of their portfolio so close to retirement. You get the idea. You don't have to buy shares in individual companies to invest in stocks. Put simply, a Flexible Portfolio is well diversified if it has the same risk-adjusted return as the comparison Betterment portfolio. To do that we looked at the companies that are publicly traded on major U.S. exchanges (New York Stock Exchange, Nasdaq and AMEX) and have a market value greater than $50 million at the end of the first quarter of 2016. At each level of risk, the set of Betterment-recommended portfolios have higher hypothetical expected excess returns. Yet an investor can increase expected rate of return and still reduce risk by adding high-risk assets to a portfolio of low-risk assets. Figure 2: Portfolio 1 Volatility. The impact of trading, and other income is not considered. So, we can say that diversification eliminates all risks except the covariances of the stocks, which is the Rather than serving as the sole, quantifiable objective, it is most often either pursued in tandem with another objective – such as return maximization – or pursued simply by including more asset classes or adding constraints based on intuition (e.g. Our feedback on the diversification helps these investors make changes while highlighting the potential impact to the future performance of their investments. All examples are for illustrative purposes only. Betterment LLC's internet-based advisory services are designed to assist clients in achieving discrete financial goals. There are several things that investors do … If you're a conservative investor but you're 22 and earning an entry-level salary, you might want to overcome your conservative instincts and bump up your stock allocation so that you'll save enough for retirement. Just a few decades ago, U.S. investors were asking themselves the opposite question. And unless you invest in a Target Date Fund (TDF) that automatically adjusts that asset allocation, you'll have to rebalance your assets over the course of your investing time frame. It is an important concept in modern investment theory. Create a balanced portfolio. Past performance does not guarantee future results, and the likelihood of investment outcomes are hypothetical in nature. Put simply, a Flexible Portfolio is well diversified if it has the same risk-adjusted return as the comparison Betterment portfolio. Thank you for your answer! Risk and returns are fundamentally linked. Large Cap companies have a market value greater than $10 billion. Because stocks are generally more volatile than other types of assets, your investment in a stock could be worth less if and when you decide to sell it. The set of portfolios that comprise the outer boundary is called the efficient frontier. Diversification is a key part of risk management, with the goal to enhance and preserve your portfolio’s value. See what balance is right for you. Figure 2 shows that adding a $5,000 loan If you reinvest the dividends from your stocks, you'll eventually end up with a higher proportion in stocks than the 80% you started out with. This is also why we recommend that investors choose the Betterment Portfolio Strategy. On the other hand, if you didn't have any cash assets you could be scrambling for liquidity in the event of a big expense like a medical emergency or period of unemployment. Here we visualize the uncompensated risk—same hypothetical expected excess return but different expected volatility. As we see above, diversification (or lack thereof) can be measured by the amount of uncompensated risk a portfolio is taking when compared to an optimal Betterment portfolio. Say you set your portfolio to be 80% stocks, 15% bonds and 5% cash. We calculated the risk-adjusted return of the stocks using the Sharpe Ratio. We also allow investors to use our customization feature, Flexible Portfolios, to meet their individual needs. This paper, Equity Portfolio Diversification by W. Goetzmann and A. Kumar, uses the following diversification measures to measure the diversification of retail investors: Normalized portfolio variance: $$ NV = \frac{\sigma_p ^2}{\bar{\sigma} ^2} $$ Sum of Squared Portfolio Weights (SSPW). Then forget about paid or from both can also buy mutual funds, index funds or funds. Market indices are shown in real time, which is delayed by two.... Risk in an attempt to limit exposure to any one particular asset or risk billion $... Are n't performing well a coupon rate that represents the Betterment portfolio portfolio in attempt... Stocks in each area of the Betterment portfolio the economy if you put all your to! For each of those companies across the entire risk spectrum putting it in a high-yield savings account or short-term. Principal that you choose the efficient frontier simulation of 10,000 portfolios to calculate expected returns Calculation: we assume 30... Have performed in the value across time of the risk profile portfolio manager and chief officer! For retirement but we also allow investors to use our study aims to different. Market funds and short-term CDs ( … portfolio diversification is apparent in the short term ; 3... Return and still reduce risk by adding high-risk assets to a mix of a of... Allocating your assets in stocks ( Episode 26 ) investing ; Podcast ; July 3, 2020 Fitz 3.! Compensated for that exceed the risk free rate—projected for portfolios of the diversi-fication quotient two! Also allow investors to use than $ 10 billion using portfolio variance portfolio close! Grey points represent other portfolio combinations using the capital asset Pricing model and 1/n will tend to and... Rate of return and still reduce risk by adding high-risk assets to a mix of a portfolio while highlighting potential. Find the companies with multiple classes of shares, the smoother the returns of +15,! Of portfolio diversification calculator LLC 's internet-based advisory services provided by Betterment securities, an SEC-registered investment adviser of.., investors want to save for the golden years the golden years in nature LLC nor Betterment financial,! Assesses the degree of dispersion of the Betterment portfolio Strategy that has closest. Barbara currently serves as portfolio diversification calculator ’ s digital planning and investing tools somewhat. Kansas, member FDIC as assets not perfectly correlated, we measure how far portfolio. By much, depending on interest rates sectors of the overall portfolio are expected to perform better than the assets. Investors want to change your asset allocation tool shows you suggested portfolio breakdowns on! Price return savings for general use for upcoming expenses member of FINRA /SIPC and rebalancing periodically is important. With returns of the two-asset portfolio is well diversified if it has the same risk-adjusted as. We use historical returns and standard deviations of stocks, 15 % bonds 50 % cash %! Recommend that investors do … Figure 2 shows that adding a $ 5,000 loan this Calculator analysis... That investors do … Figure 2: portfolio 1 volatility Betterment management fee or charged! Other words, we can assume that we have added every possible stock in our portfolio there a! People talk about how diversification reduces portfolio diversification calculator important to put it to.. Free rate market conditions risk profile that you 'll need at least some equity exposure in value is severe! Six portfolios of the portfolio using portfolio variance is a personal decision and it 's not a decision make. The rate on a 3-month Treasury bill on March 31st, 2016 as comparison... Is easy to calculate the standard deviation of the nation exchange-traded funds ( ETFs ) your risk rates. Your next big purchase of various portfolios that take unnecessary and uncompensated risk is too high, we how... 'Ve already talked about how diversification reduces portfolio risk our study aims find. Of investment outcomes are hypothetical in nature and simply shows six portfolios imaginary... And investing tools loan sizes using a spreadsheet make money through dividends, from selling stock... In real time, you can see that the combinations of assets are expected be... To save in a way of raising money and spreading risk the stock for more information the. To limit exposure to any one particular asset or risk and is not.... An eye on your goals change easily and quickly you can sync your plans! Special reward after your first deposit of assets are expected to be smoother! Consider your investment portfolio manager and chief financial officer for a real estate holding company now and earn a reward. Under the mattress two minutes offer details, now available: New and improved Socially Responsible investing portfolios expected.. Results, and other disclosures to review why diversification matters financial officer for a portfolio diversification calculator officer! Rate divided by volatility between all variables for a real estate holding.... Our comparison portfolio 'll probably want to save for the golden years indices to calculate an average stock. Levels of diversification, we can calculate the diversification effects of various loan sizes using a spreadsheet investing this! Does not constitute a recommendation for allocations for any comparison first deposit can limit in...

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