Eric Greschner's "eureka moment" came in the autumn of 2008. That year, the Houston-based portfolio manager watched as the stock market crash wiped out his and everyone else's portfolios, and along with them a cherished belief. Like many investors, Greschner saw diversification as the best defence against a stock market collapse, but a plummeting market that took down everything with it forced him to re-evaluate. "The only two things that went up were volatility and correlation," he recalls.
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