Diversification, Never Been Cheaper or More Painful

Asset allocation is the primary driver of return variability across broadly diversified portfolios.  Historically, over time, more diversified portfolios have provided higher rates of return and lower portfolio volatility.  This has not held true in recent years and concentration, not diversification, has been the game.  At Hirtle Callaghan, we believe now, more than ever, more diversification is the right answer.  

To understand why, read Tom Cowhey's Invesment Strategy Commentary Diversification, Never Been Cheaper or More Painful.  Download the commentary.

Thomas J. Cowhey, Chief Investment Strategist, CFA

Tom is the Chief Investment Strategist at Hirtle, Callaghan.  Prior to joining Hirtle Callaghan, Tom was the Executive Director-Trust Asset Management for Bell Atlantic's $15 Billion Employee Benefit Plans.  Tom received his B.S. in Civil Engineering, 1978, and M.B.A., 1985, from Villanova University.  He is a CFA charterholder, a member of the CFA Institute, and a Registered Professional Engineer.  Tom is the firm's Chief Portfolio Strategist and chairs the Investment Policy Committee.

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