During market corrections, it’s natural to want to bail out and save your cash. It can be demoralising to keep buying stocks, only to have to sell them a day or two later.

But Tony always stresses that we should try to stay fully invested, because when the market turns back up, the majority of the growth comes in a handful of days, as this graph from Putnam demonstrates. Just missing out on the 10 best days over 15 years can cut your returns in more than 50%.

So we just follow the QAV rules, using our stop losses to get out when something is falling and our checklist to determine what to replace it with as soon as possible.