Diversification—A Free Starbucks Cup of Coffee?
指出传统资产类别和地域分散已不足以实现充分多元化，并展示如何通过多资产解决方案恢复多元化的全部潜力。
Diversification of sophisticated portfolios has become more difficult. In the past, asset class and geographic dispersion were sufficient to ensure a properly diversified portfolio. Not so anymore, as major economies integrate and coordinate their monetary and fiscal policies. In addition, the growth of the exchange-traded fund market has impinged on what was previously the alpha hunting ground of active managers, blurring the distinction between what is beta and what is alpha. This article shows how multi-asset solutions can be used to expand the free lunch of diversification back to its full potential.