Abstract
The degree of diversification is the most important issue investors should consider when forming portfolios or choosing portfolio managers. This article argues that high-net-worth (HNW) investors can usually do a lot to increase their degree of portfolio diversification, not only with respect to the market risk but also regarding a whole battery of potential risk factors that impinge on the portfolio. In particular, the article suggests a method to determine the degree of industry diversification and country diversification, which may be useful when HNW investors compare portfolios.
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