I always have this weird thought about the different asset classes in a portfolio.
Just imagine, emergency savings, fixed deposits and insurance are like your defensive players. Equities and real estate are your offensive players. If you have too many defensive players in your team, it is unlikely you will score goals (Profits). Likewise, if you have too many offensive players, you may be vulnerable to conceding goals (Losses).
The important thing is to strike a balance, so that there will be “chemistry” in the team. (Diversified Asset Class). Building a football team or a portfolio isn’t something you can do overnight. Always find ways to strengthen your weak point. Buying a offensive player to boost your attack or buying a defensive linchpin to shore up your defense.
This is how i envision different asset class will look on a football pitch.
To sum this post up, there are times to be offensive and also a time to be defensive, it just depends on who your opponent is (Market) and the philosophy of the manager (YOU).
Where My Money At 
Nice analogy! I agree, finding the right balance in the team is crucial to winning consistently.
IMO, bonds and fixed deposits should form the entire backline.
Emergency funds should be on the bench as ‘super-subs’. Hahahaha! 😛
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I just try to squeeze these asset classes into the first 11 on the pitch!
I still feel that FD is slightly more defensive compared to bonds. Unless it’s like SSB. But still defensive in nature compared to equities.
😄😄😄
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