such 50-50 balances a specific set of risks - and balances in the sense of avoiding total victory and or total defeat
if one is balancing two different things or not interested in protecting the downside but pursuing the upside full throated - that calls for different balance
e.g. in general 50-50 stock and bond is called balanced
some say since stock is 5x as volatile (or there abouts) a balanced situation is 80% bond and 20% stock - if one wants to reduce risk (volatility impact) by a balanced portfolio
Summary Balanced is in the eyes of the beholder and indeed not always rational
I don't need the downside of the common, too much money for me to take those risks. And why bother? JPS conversion offers more upside... and I will take the par on JPS at worst