The Importance of Diversity in a Fund

A significant downturn in the economy is going to affect all sectors that we saw in 2007, 2007, 2008. You want not only industry diversity and market diversity, you want time diversity. Don't invest at all in the first year of a new fund; what if the market changes? In any one fund, you don't think maybe there's a four year downturn. Or your downturn may be a great time to buy, or a four year frothing as to where you can't find good assets.