In a vacuum, a feather falls as fast as a brick. For an observer it would be easy to conclude that the feather and the brick might have the same weight, which we know, is the wrong conclusion.
In the post credit-crisis market rally a naive, passive barbell of stocks and long bonds can perform as well as a cleverly designed portfolio of diversified strategies and assets. The conclusion that a cheap strategy is as good as the later, is equally wrong.
It is our view that a carefully constructed portfolio of strategies can be cost-effective and efficient, and at the same time provide risk diversification and additional return to your portfolio.