According to Michaël van de Poppe, investors should focus on adjusting their risk exposure based on portfolio size and individual risk appetite, rather than adhering to traditional market cycles. Van de Poppe warns that closing positions based on the perceived timing within a market cycle could be a significant mistake, as he believes these cycles are evolving and may not exist in their known forms anymore. This perspective suggests a shift towards more flexible trading strategies that prioritize personal risk assessment over time-based actions. (Source: Michaël van de Poppe's Twitter)

According to @FarsideUK, the metric in question is 'total flow' and not 'assets under management' (AuM), emphasizing the importance of distinguishing between cash movement and portfolio size for trading analysis.