Risk
The Diversification Lie: Why 20 Stocks Will Not Protect You
The real measure of diversification: risk driver, correlation, effective position count, and concentration. The hidden shared drivers in home-market portfolios, the instability of correlation, and the cost of over-diversification. The first two lessons are free.
Kursa başlaEğitmen · Alvest
Müfredat
012 ders
Break the illusion
Not count, but driver
- 01The twenty-stock illusionAdding more positions is not diversification. It is the most expensive illusion of safety.Ücretsiz9 dk
- 02Hidden shared drivers: the home-market blind spotIn home-market portfolios diversification is often weaker than it looks. The reason is three shared drivers.Ücretsiz10 dk
022 ders
Measure
Correlation and concentration
- Reading correlation - and why not to trust it too muchCorrelation is the measure of diversification. But it tends to mislead you at exactly the moment you need it.12 dk
- Effective position count: how many positions do you really have?If you have twenty positions but one is half the portfolio, mathematically you do not have twenty positions.11 dk
032 ders
Build and bound
Construction and limits
- Building real diversificationDiversification is not discovered, it is built. And it is built with layers, not names.11 dk
- The limits of diversification: what it cannot protect you fromDiversification is strong armor, but it does not stop every bullet. Knowing what it does not stop is as important as the armor itself.10 dk