The Implications of Diversification in the Investing Environment

In the decade or so after the financial crisis, diversification didn't really pay off for investors. Now we're in a world where there is an alternative to risk assets, as you said. The world's risk-free asset class, if you like, US dollar cash,. That is an attractive thing to have in a portfolio, perhaps with some bonds, which are also yielding much more than they were, as well as equities.