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Minimum buffer / maximizing investments in ETFs has higher EV and depending on your time horizon and model, may even be lower risk.

This strategy essentially ensures that you will never have much capital ready for when stocks and other assets suddenly get cheap.

Your strategy means that the best time to buy assets correlates with when your net worth dips then lowest.

Do you try to time the market? Holding cash waiting for stocks to "get cheap" is a losing strategy unless you have some serious edge.