The Importance of Diversification in Investing - Unique Bets

Diversification is not an objective, but a means to achieve maximum profits with minimum risk/nHarry Brown's permanent portfolio can be simplified to include stocks, bonds, and gold/nHolding three uncorrelated markets in a portfolio and scaling to 10% portfolio volatility can extract about 1% a year/nRebalancing between different markets can deliver an excess tailwind purely from being diversified and can generate a rebalancing premium