As explained in the architecture section, strategies are nested inside portfolios. With the CALM portfolio, we nest:
Each "actual" strategy together with a "Cash" strategy in a wrapper portfolio
This allows the contract owner to emergency exit a strategy in case the underlying protocols of one strategy become malicious.
Normally, the "actual" strategy holds 100$ of the funds of the wrapper portfolio, and the Cash strategy is 0%. Upon emergency exit, the allocation of the wrapper portfolio changes to 0% "real" strategy and $100 cash strategy
Each wrapper portfolio is put inside the CALM portfolio
This means that by using the CALM portfolio, users don't have to monitor whether a strategy is still viable from an economic or a risk perspective -> by changing the allocation of the portfolios Multisig ensures desirable investments.
If you, dear reader, don't want to rely on any kind of emergency feature, you can invest directly into one of the above strategies without using a wrapper portfolio.