The Problem of Portfolio Management

The challenge is not getting wedded to just one of those because you can get totally upside down. The beauty which you've also mentioned is they have the ability to rebalance towards the stuff that's gotten nuked because the things that are appreciating. At any point in time, two or three of these diversifiers are outperforming by a wide margin paying for any of the losses in the other framework. We saw that last year and you see it over 100 years and we actually gave you some slides and some more paper, you can absolutely see that.

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