Source: Online.
Background
Over the long-term journey of investing, the best offense is a good defense. Without good preservation of capital, one would need much better returns to the upside to break-even. In my view, this is more difficult to achieve than downside protection in the stock market.
Of course, good defense by no means refers to investing in low-risk asset classes, such as bonds, or using derivatives to hedge. Both approaches, although lowering short-term risks, reduce your long-term returns by giving up potential gains and/or incurring additional costs.
Even for a portfolio fully invested