The perfect portfolio allocation is

After the drop in March 2020 the markets went pretty smoothly up through late 2021, it was a long run which made for large gains. An investor with a more risk averse portfolio would have been more modestly invested than the market, and possibly feeling a bit of FOMO during that boom time. However, we have had a bit of a drawdown since late 2021 and now that more moderate portfolio is looking pretty good and there is currently no FOMO when you are not going down nearly as much as the markets.