Tom Boyle

True diversification means owning assets that are truly uncorrelated. But that fact hasn’t stopped big investors from piling into the private markets while pretending that the Fed Put can protect their public portfolios.

“Volatility is the most persistent diversifier,” says Atlantic House Australian head Andrew Lakeman. “People are starting to realise that, as well as realising that diversity of assets in a portfolio – with different names – does not necessarily mean that you are diversified.”