"Simple as the idea is, most investors do not hold portfolios that are even close to being truly diversified.... [M]ost investors are not disciplined enough to implement diversification.... [and] most investors do not actually diversify their equity risk with their investment decisions; they are still exposed to one common significant shock.... static diversification across multiple asset classes is not sufficient. An adequately diversified portfolio should also be diversified over time and over different economic regimes."  MORE >>