it is clearly B&H that outperforms both…even though I would have done differently if this question appeared on the exam 
Imagine that question was worth 8 points, it would have been a drama…
No Constant Mix clearly outperforms given the flat and oscillating markets. That’s not even up for debate, the question is whether with a highly emotional investor, whose actions you’ll have to adjust, should you use CM or B&H.
You are wrong. The mandate states that a cushion/cash reserve is required. By stating CM as an answer, you are breaking the mandate… as I did…
So most of us agree that BH is preferred.
B&H 100% 
Coincidentally, I just started writing an article on B&H vs CM vs CPPI. With luck I’ll have it published on my website today or tomorrow.
What does B&H stand for again?