Defensive portolio is an important and popular theme, popular with retail investors, important in academia.

It assumes cashflow is the most important human need (necessary and almost sufficient factor), but how about food supply, healthcare, family?

Look at the blogpost such as G5 Shields@family_livelihood .. Adequate-cashflow-when-needed is only one of my top 5 protections, therefore overrated.

In a blackswan event (not as rare as earthquakes) such as the covid19 pandemic, ordinary people like me worry about food security, hospital overrun, restriction in travel and family reunion. These human needs … are beyond what cashflow can provide.

How about street safety, air/water pollution, water shortage, climate change?