%0 Journal Article %A Mark Anson %T Diversification—A Free Starbucks Cup of Coffee? %D 2022 %R 10.3905/jpm.2022.1.330 %J The Journal of Portfolio Management %P jpm.2022.1.330 %X Diversification of sophisticated portfolios has become more difficult. In the past, asset class and geographic dispersion were sufficient to ensure a properly diversified portfolio. Not so anymore, as major economies integrate and coordinate their monetary and fiscal policies. In addition, the growth of the exchange-traded fund market has impinged on what was previously the alpha hunting ground of active managers, blurring the distinction between what is beta and what is alpha. This article shows how multi-asset solutions can be used to expand the free lunch of diversification back to its full potential. %U https://jpm.pm-research.com/content/iijpormgmt/early/2022/01/12/jpm.2022.1.330.full.pdf