The Real Opportunity for Investors to Generate Alpha Is at the Asset Allocation Level

I'm going to spin you up a bit here because you have almost a fanatical obsession with asset allocation. And it somewhat ties back to this discussion we're having around the independent number of bets and that empirically the opportunity to benefit from diversification is much larger at the asset allocation level than it is at the security selection level. But I know that you've also proposed before an interesting limits to arbitrage argument. And I'd love for you to go down that path a bit and explain why you believe that for investors who are willing to have a more flexible allocation policy, there's actually a much more significant alpha opportunity.