Ryan Nauman hosts Zephyr’s Adjusted for Risk Podcast from Lake Tahoe and interviews Scott Ladner, CIO of Horizon Investments. The conversation critiques using the nine style equity box as a portfolio-construction framework, arguing it was designed mainly as an organizing tool. Ladner outlines a goals-based framework centered on defining what a portfolio is meant to solve—typically growing wealth, protecting it, or spending it—while emphasizing that both objectives and risk definitions change predictably over time. He contrasts volatility-based risk for long-horizon accumulation with maximum drawdown for the retirement “red zone,” and for retirees highlights longevity risk (running out of money), arguing that cash and bonds can…