April 25, 2023
6 Minute Read
Diversification: How Diversifying is it Really?
To paraphrase Tolstoy, market ascents resemble one another, but each swoon is unique in its own way. Above-trend inflation, record Fed tightening and the invasion of Ukraine all conspired to deliver the worst year for financial assets in more than a generation in 2022 (see Figure 1). Can we learn anything from a year as unusual as 2022, or should…