40h, 40i and 40j (Level 3) - How much do I really need to know?

I have just been taking notes on the last 3 LOSs of Reading 40, which involve comparing Constant-mix, Buy-and-hold, and CPPI strategies.

My current level of understanding can best be approximated as: "These are a bit like the bowls of porridge in 'Goldy Locks and the Three Bears', one is too hot, one is too cold, and the other is just right... or something like that. I get that they have different payoffs in different market conditions."

Also, there is a little Angel Marc on my left shoulder saying: "If we dig in and really try to understand the curriculum, we could develop a proper understanding of the this subject and even understand those deceptively-simple-looking-but-infuriating equations."

Finally, there is a little Devil Marc on my right shoulder saying (whilst rolling his eyes): "For Christ sake, Marc. You've finished this reading, move the $%^& on. If this does show up on the exam (which it won't) you know enough to get by. So move on or, better yet, let's start drinking."

I've got to say, Devil Marc sounds pretty convincing - especially that part about drinking.

Advice?