Fees Eat Diversification’s Lunch
研究了多元化投资并非免费，其费用会侵蚀风险调整后的多元化收益，尤其高费用资产类别需在战略资产配置中慎重考虑。
Although diversification is often spoken of as the only free lunch in investing, the authors show that it is not free and that it must be considered in light of its costs. They also show that fees on diversifying asset classes are high relative to their risk-adjusted diversification benefit, with the more exotic asset classes carrying higher price tags. Because there is meaningful cross-sectional variation, fees need to be considered when making strategic asset allocation decisions.