Diversification among Strategies
Investment policymakers are not accustomed to thinking in terms of the investment strategies I have identified as the most fundamentally distinguishing features of investments. And the ways in which they diversify each other may be less intuitively obvious to them than they have been (incorrectly) persuaded to believe that they are for the traditional asset class “buckets” to which they are more accustomed. So this chapter will explore the portfolio function of investment strategies in some detail. First, however, it will be useful to look more closely into just what it is that a “portfolio function” might be, because like so many terms of the investment arts, it has come to mean a great many things. ...

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