Are the Economy and Financial Markets Zero-Sum Games?
Money For the Rest of Us
The Importance of Diversification in Modern Finance
For every outperforming manager, there has to be one that's underperforming. If you allocate 85% of your stock portfolio to the US and 15% to non-US, that means other investors need to be underweighting the U.S. Japanese investors would need to have more than five percent in Japan. Passive managers owning the size weighted portfolio, active managers, some overweighting, some holdings, underweighting others collectively that forms the market.
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