This is also an argument for finding investments that allow you to better define the downside risk of investments. I think that this is why static investments o

This is also an argument for finding investments that allow you to better define the downside risk of investments. I think that this is why static investments or hedges have such value; they may not change the expected value, they might even reduce it (based on mean estimates), but they reduce / eliminate the estimation error in your downside risk, allowing you a much more certain calculation of leverage.