The laurels did not go to the flashiest players; they went to those pension funds who charged – and paid – the lowest fees. Photograph: Getty Images

(...) that the funds are engaged in some form of shrewd diversification. Alternative assets such as private(...)

Traders on the floor of the New York Stock Exchange: even novice investors can grasp the simple logic underpinning the case for diversification. Photograph: REUTERS/Brendan McDermid

(...) diversification. An individual stock may easily fall by 50 per cent or more in a short space of time, but a(...)

Stock picking: the rational for diversifying stock allocations is well understood as firms change shape, industries die off and new ones emerge. photograph: andrew burton/getty images

(...) diversification is well understood. Businesses change shape, industries die off, new ones emerge. Business is(...)