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Skating Where the Puck Was: The Correlation Game in a Flat World
Skating Where the Puck Was The Correlation Game in a Flat World Author:William J Bernstein Skating Where the Puck Was: The Correlation Game in a Flat World is the second installment in the Investing for Adults series. This series is not for novices. This booklet explores the notion that, as a general rule, no magic policy rich in high-return/low-correlation alternative asset classes exists that will simultaneously preserve upside rewa... more »rd and protect against downside losses. And as long as I?m lowering your expectations, this booklet is most certainly not a blueprint for the ?perfect portfolio.? You?re an adult, after all, so you know that the future efficient frontier lies well beyond our ken; presumably you already know all about the mechanics, long-term benefits, as well as the uncertainties, of wide diversification and factor tilt using low-cost, efficient vehicles and the risk/reward spectrum between all-fixed-income and all-equity portfolios. Rather, this booklet provides a way of navigating a global investment landscape that grows ever more linked by the month, and a way of thinking about diversification.« less