Anthony Rayner: Is diversification dead?

Is diversification dead? It is a fair question - after all, 2018 saw the vast majority of assets fall and, so far, 2019 has seen the vast majority of assets rise. To put some colour on this, Deutsche Bank analyses a broad range of risk-on and risk-off assets and in its sample (excluding currencies), 31 of the 38 assets made losses in local currency terms in 2018, while in the first half of 2019, 37 of the 38 assets made gains - silver being the only loser. To be fair, these are randomly chosen time periods - even if it is customary to start at the beginning of a calendar year - and, with...