{"id":15972,"date":"2026-06-08T17:52:08","date_gmt":"2026-06-08T15:52:08","guid":{"rendered":"https:\/\/pattersonmills.ch\/?p=15972"},"modified":"2026-06-08T18:30:42","modified_gmt":"2026-06-08T16:30:42","slug":"the-limits-of-diversification","status":"publish","type":"post","link":"https:\/\/pattersonmills.ch\/fr\/the-limits-of-diversification\/","title":{"rendered":"The Limits of Diversification"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"15972\" class=\"elementor elementor-15972\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-734921c3 elementor-section-full_width elementor-section-height-min-height elementor-section-items-stretch elementor-hidden-mobile elementor-section-height-default\" data-id=\"734921c3\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-3b1a362b\" data-id=\"3b1a362b\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;none&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5ed26ed5 elementor-widget elementor-widget-theme-post-title elementor-page-title elementor-widget-heading\" data-id=\"5ed26ed5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"theme-post-title.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">The Limits of Diversification<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7da17c6 elementor-align-left elementor-widget elementor-widget-post-info\" data-id=\"7da17c6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-15df7ff elementor-inline-item\" itemprop=\"author\">\n\t\t\t\t\t\t<a href=\"https:\/\/pattersonmills.ch\/fr\/author\/charles\/\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"far fa-user-circle\"><\/i>\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-author\">\n\t\t\t\t\t\t\t\t\t\tCharles Mills\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t<\/li>\n\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-e5e8838 elementor-inline-item\" itemprop=\"datePublished\">\n\t\t\t\t\t\t<a href=\"https:\/\/pattersonmills.ch\/fr\/2026\/06\/08\/\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-calendar\"><\/i>\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-date\">\n\t\t\t\t\t\t\t\t\t\t<time>juin 8, 2026<\/time>\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-65f2ab20 elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"65f2ab20\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>&#8220;To reduce risk it is necessary to avoid a portfolio whose securities are all highly correlated&#8221; \u2014 Harry Markowitz<\/p><p><span style=\"background-color: var( --e-global-color-04ee521 ); color: var( --e-global-color-3429fff ); font-size: inherit; letter-spacing: -0.015em; text-align: inherit;\">3 min read<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-5818ac77\" data-id=\"5818ac77\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3425518c elementor-widget elementor-widget-spacer\" data-id=\"3425518c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-62d66db8 elementor-section-full_width elementor-hidden-desktop elementor-hidden-tablet elementor-section-height-default elementor-section-height-default\" data-id=\"62d66db8\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-28ec48d1\" data-id=\"28ec48d1\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1e19e2cd elementor-widget elementor-widget-image\" data-id=\"1e19e2cd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1344\" height=\"756\" src=\"https:\/\/pattersonmills.ch\/wp-content\/uploads\/2026\/06\/2026.06-Limits-of-Diversification-R.jpg\" class=\"attachment-full size-full wp-image-15980\" alt=\"\" srcset=\"https:\/\/pattersonmills.ch\/wp-content\/uploads\/2026\/06\/2026.06-Limits-of-Diversification-R.jpg 1344w, https:\/\/pattersonmills.ch\/wp-content\/uploads\/2026\/06\/2026.06-Limits-of-Diversification-R-300x169.jpg 300w, https:\/\/pattersonmills.ch\/wp-content\/uploads\/2026\/06\/2026.06-Limits-of-Diversification-R-1024x576.jpg 1024w, https:\/\/pattersonmills.ch\/wp-content\/uploads\/2026\/06\/2026.06-Limits-of-Diversification-R-768x432.jpg 768w, https:\/\/pattersonmills.ch\/wp-content\/uploads\/2026\/06\/2026.06-Limits-of-Diversification-R-18x10.jpg 18w, https:\/\/pattersonmills.ch\/wp-content\/uploads\/2026\/06\/2026.06-Limits-of-Diversification-R-1200x675.jpg 1200w\" sizes=\"(max-width: 1344px) 100vw, 1344px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7fb0ba09 elementor-section-full_width elementor-hidden-desktop elementor-hidden-tablet elementor-section-height-default elementor-section-height-default\" data-id=\"7fb0ba09\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4fe26bcf\" data-id=\"4fe26bcf\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;none&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-281c4020 elementor-widget elementor-widget-theme-post-title elementor-page-title elementor-widget-heading\" data-id=\"281c4020\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"theme-post-title.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">The Limits of Diversification<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2fd9df72 elementor-align-left elementor-widget elementor-widget-post-info\" data-id=\"2fd9df72\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-15df7ff elementor-inline-item\" itemprop=\"author\">\n\t\t\t\t\t\t<a href=\"https:\/\/pattersonmills.ch\/fr\/author\/charles\/\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"far fa-user-circle\"><\/i>\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-author\">\n\t\t\t\t\t\t\t\t\t\tCharles Mills\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t<\/li>\n\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-e5e8838 elementor-inline-item\" itemprop=\"datePublished\">\n\t\t\t\t\t\t<a href=\"https:\/\/pattersonmills.ch\/fr\/2026\/06\/08\/\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-calendar\"><\/i>\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-date\">\n\t\t\t\t\t\t\t\t\t\t<time>juin 8, 2026<\/time>\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-63a3699 elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"63a3699\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>&#8220;To reduce risk it is necessary to avoid a portfolio whose securities are all highly correlated&#8221; \u2014 Harry Markowitz<\/p><p><span style=\"background-color: var( --e-global-color-04ee521 ); color: var( --e-global-color-3429fff ); font-size: inherit; letter-spacing: -0.015em; text-align: inherit;\">3 min read<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-615b64f5 elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"615b64f5\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-62e468d2\" data-id=\"62e468d2\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;animation&quot;:&quot;none&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9be4e3e elementor-widget elementor-widget-html\" data-id=\"9be4e3e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"pm-audio-box\">\r\n  <div class=\"pm-audio-title\">Listen to this article<\/div>\r\n  <audio controls preload=\"none\">\r\n    <source src=\"https:\/\/pattersonmills.ch\/wp-content\/uploads\/2026\/06\/2026.06.08-The-Limits-of-Diversification.mp3\" type=\"audio\/mpeg\">\r\n    Your browser does not support the audio element.\r\n  <\/audio>\r\n<\/div>\r\n\r\n<style>\r\n.pm-audio-box {\r\n  border-radius: 12px;\r\n  padding: 16px 18px;\r\n  background: #faf8f2;\r\n  margin: 20px 0;\r\n  box-shadow: 0 2px 10px rgba(0,0,0,0.04);\r\n}\r\n\r\n.pm-audio-title {\r\n  font-size: 15px;\r\n  font-weight: 600;\r\n  margin-bottom: 10px;\r\n  color: #8a6a2f;\r\n}\r\n\r\n.pm-audio-box audio {\r\n  width: 100%;\r\n  display: block;\r\n}\r\n<\/style>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6ccdad0 elementor-widget elementor-widget-text-editor\" data-id=\"6ccdad0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"auto\">Diversification is\u00a0often cited as\u00a0one of the most important principles in successful investing, and history has\u00a0generally supported\u00a0that view.<\/span><\/p><p><span data-contrast=\"auto\">By spreading investments across different assets, sectors, regions, and economic drivers, diversification helps reduce concentration risk and avoids excessive reliance on any single investment outcome.<\/span><\/p><p><span data-contrast=\"auto\">However, diversification is not designed to\u00a0eliminate\u00a0risk altogether.<\/span><\/p><p><span data-contrast=\"auto\">During periods of significant market stress,\u00a0investments that would normally behave differently can respond in\u00a0a similar way due to the same underlying pressures.<\/span><\/p><p><span data-contrast=\"auto\">This is known as correlation risk.<\/span><\/p><h5><b><span data-contrast=\"auto\">What is correlation risk?<\/span><\/b><\/h5><p><span data-contrast=\"auto\">Correlation risk is the danger that assets, strategies, or economic factors may become more\u00a0closely linked\u00a0than expected, reducing the benefits of diversification and increasing potential losses during market downturns.<\/span><\/p><p><span data-contrast=\"auto\">When two investments are highly correlated, they tend to rise and fall at similar times. When correlation is low, their returns are more independent of one another.<\/span><\/p><p><span data-contrast=\"auto\">The challenge for investors is that correlations are not fixed and can change significantly over time. Assets that appear well diversified during normal market conditions may become increasingly correlated during periods of economic uncertainty or market stress, reducing the protection that diversification would otherwise be expected to provide.<\/span><\/p><h5><b><span data-contrast=\"auto\">When markets move together<\/span><\/b><\/h5><p><span data-contrast=\"auto\">Periods of rising correlation do not mean diversification has become ineffective. Rather, they reflect the fact that many investments are\u00a0ultimately influenced\u00a0by\u00a0a number of\u00a0the same underlying economic and market forces.<\/span><\/p><p><span data-contrast=\"auto\">During periods of heightened volatility, investors often reassess risk across large parts of the market simultaneously. This can result in broad selling across multiple asset classes, sectors, and regions, even where the underlying fundamentals\u00a0remain\u00a0different.<\/span><\/p><p><span data-contrast=\"auto\">As a result, investments that would normally\u00a0exhibit\u00a0lower levels of correlation can begin moving more closely together, particularly over shorter periods.<\/span><\/p><p><span data-contrast=\"auto\">Many growth-oriented investments\u00a0ultimately share\u00a0common drivers\u00a0including:<\/span><\/p><ul><li><span data-contrast=\"auto\">Economic growth<\/span><span data-ccp-props=\"{&quot;134233118&quot;:false,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><li><span data-contrast=\"auto\">Corporate profitability<\/span><span data-ccp-props=\"{&quot;134233118&quot;:false,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><li><span data-contrast=\"auto\">Interest rates<\/span><span data-ccp-props=\"{&quot;134233118&quot;:false,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><li><span data-contrast=\"auto\">Investor confidence<\/span><span data-ccp-props=\"{&quot;134233118&quot;:false,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><li><span data-contrast=\"auto\">Liquidity conditions<\/span><\/li><\/ul><p><span data-contrast=\"auto\">When these factors deteriorate, many growth assets can come under pressure at the same time.<\/span><\/p><p><span data-contrast=\"auto\">However, this does not mean all investments are exposed to identical risks to the same degree. Even within equity markets, different regions, sectors, and companies are influenced by different economic conditions, valuations, competitive advantages, and long-term growth drivers.<\/span><\/p><h5><b><span data-contrast=\"auto\">Why diversification still matters<\/span><\/b><span data-ccp-props=\"{&quot;134233118&quot;:false,&quot;335559739&quot;:0}\">\u00a0<\/span><\/h5><p><span data-contrast=\"auto\">Equities have historically been one of the primary drivers of long-term capital growth.\u00a0Consequently, accepting some degree of correlation risk is often an\u00a0unavoidable\u00a0aspect of seeking higher long-term returns.<\/span><\/p><p><span data-contrast=\"auto\">The aim is not to\u00a0eliminate\u00a0correlation risk altogether. Instead, it is to reduce unnecessary concentration by spreading exposure across a broad range of investments, regions, sectors, and economic drivers.<\/span><\/p><p><span data-contrast=\"auto\">For example, a portfolio invested entirely in large US technology companies may deliver strong returns during favourable market conditions. However, it would also be heavily exposed to developments affecting a\u00a0relatively narrow\u00a0part of the market.<\/span><\/p><p><span data-contrast=\"auto\">By contrast, a globally diversified growth portfolio spreads exposure across different countries, industries, companies, and sources of return. While many of the underlying investments may still be influenced by the broader forces affecting equity markets, the portfolio is not solely dependent on a single sector, region, or economic outcome.<\/span><\/p><p><span data-contrast=\"auto\">In practice, diversification often involves combining investments across a range of asset classes and markets, including:<\/span><\/p><ul><li><span data-contrast=\"auto\">Developed market equities<\/span><span data-ccp-props=\"{&quot;134233118&quot;:false,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><li><span data-contrast=\"auto\">Emerging market equities<\/span><span data-ccp-props=\"{&quot;134233118&quot;:false,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><li><span data-contrast=\"auto\">Government bonds<\/span><span data-ccp-props=\"{&quot;134233118&quot;:false,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><li><span data-contrast=\"auto\">Corporate bonds<\/span><span data-ccp-props=\"{&quot;134233118&quot;:false,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><li><span data-contrast=\"auto\">Cash<\/span><span data-ccp-props=\"{&quot;134233118&quot;:false,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><li><span data-contrast=\"auto\">Property and infrastructure<\/span><span data-ccp-props=\"{&quot;134233118&quot;:false,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><li><span data-contrast=\"auto\">Other real assets<\/span><span data-ccp-props=\"{&quot;134233118&quot;:false,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><p><span data-contrast=\"auto\">These assets may not always move independently, particularly during periods of market stress. However, they can respond differently over longer periods of time and under different economic conditions, which is why diversification\u00a0remains\u00a0a key part of portfolio construction.<\/span><\/p><h5><b><span data-contrast=\"auto\">Structuring\u00a0portfolios for\u00a0long-term\u00a0resilience<\/span><\/b><\/h5><p><span data-contrast=\"auto\">Correlation risk reminds investors that markets are constantly evolving. Relationships between investments that appear stable during one period may look\u00a0very different\u00a0when economic conditions, investor sentiment, interest rates, or geopolitical events change.<\/span><\/p><p><span data-contrast=\"auto\">For this reason, portfolio construction should not rely solely on how investments have behaved in the past. Consideration must also be given to the underlying drivers of returns and how different investments may respond under a range of future market conditions.<\/span><\/p><p><span data-contrast=\"auto\">At Patterson Mills, we work with clients to build portfolios that seek to balance long-term growth objectives with effective risk management.\u00a0<\/span><span style=\"font-size: inherit; text-align: inherit; letter-spacing: -0.015em;\">While no portfolio can\u00a0eliminate\u00a0market risk entirely, careful diversification, regular review, and disciplined portfolio construction can help investors remain resilient in an environment where market relationships are rarely static.<\/span><\/p><p><span data-contrast=\"auto\">If you would like to review whether your current investments remain appropriately diversified and aligned with your long-term objectives,<\/span><span data-contrast=\"auto\">\u00a0<\/span><a style=\"font-size: inherit; text-align: inherit; letter-spacing: -0.015em;\" href=\"https:\/\/links.pattersonmills.ch\/contact\">contactez-nous<\/a><span style=\"font-size: inherit; text-align: inherit; letter-spacing: -0.015em;\"> with us today and book your initial, no-cost and no-obligation meeting.<\/span><\/p><p data-start=\"3113\" data-end=\"3240\">Send us an e-mail to <a href=\"mailto:contactus@pattersonmills.ch\" target=\"_blank\" rel=\"noopener\" data-start=\"3134\" data-end=\"3161\">contactus@pattersonmills.ch<\/a> or call us direct at +41 21 801 36 84 and we shall be pleased to assist you.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-61cff8b4 elementor-share-buttons--view-icon elementor-share-buttons--skin-flat elementor-share-buttons--shape-circle elementor-share-buttons--color-custom elementor-grid-0 elementor-widget elementor-widget-share-buttons\" data-id=\"61cff8b4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"share-buttons.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-grid\" role=\"list\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-grid-item\" role=\"listitem\">\n\t\t\t\t\t\t<div class=\"elementor-share-btn elementor-share-btn_facebook\" role=\"button\" tabindex=\"0\" aria-label=\"Partager sur facebook\" data-no-translation-aria-label=\"\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-share-btn__icon\">\n\t\t\t\t\t\t\t\t<i class=\"fab fa-facebook\" aria-hidden=\"true\"><\/i>\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-grid-item\" role=\"listitem\">\n\t\t\t\t\t\t<div class=\"elementor-share-btn elementor-share-btn_twitter\" role=\"button\" tabindex=\"0\" aria-label=\"Partager sur twitter\" data-no-translation-aria-label=\"\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-share-btn__icon\">\n\t\t\t\t\t\t\t\t<i class=\"fab fa-twitter\" aria-hidden=\"true\"><\/i>\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-grid-item\" role=\"listitem\">\n\t\t\t\t\t\t<div class=\"elementor-share-btn elementor-share-btn_linkedin\" role=\"button\" tabindex=\"0\" aria-label=\"Partager sur linkedin\" data-no-translation-aria-label=\"\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-share-btn__icon\">\n\t\t\t\t\t\t\t\t<i class=\"fab fa-linkedin\" aria-hidden=\"true\"><\/i>\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-grid-item\" role=\"listitem\">\n\t\t\t\t\t\t<div class=\"elementor-share-btn elementor-share-btn_whatsapp\" role=\"button\" tabindex=\"0\" aria-label=\"Partager sur whatsapp\" data-no-translation-aria-label=\"\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-share-btn__icon\">\n\t\t\t\t\t\t\t\t<i class=\"fab fa-whatsapp\" aria-hidden=\"true\"><\/i>\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-grid-item\" role=\"listitem\">\n\t\t\t\t\t\t<div class=\"elementor-share-btn elementor-share-btn_email\" role=\"button\" tabindex=\"0\" aria-label=\"Partager sur email\" data-no-translation-aria-label=\"\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-share-btn__icon\">\n\t\t\t\t\t\t\t\t<i class=\"fas fa-envelope\" aria-hidden=\"true\"><\/i>\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-08a255d elementor-widget elementor-widget-text-editor\" data-id=\"08a255d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"hd-block hd-block-paragraph\"><p><strong><em>Please note that all content within this article has been prepared for information purposes only. This article does not constitute financial, legal or tax advice. Always ensure you speak to a regulated Financial Adviser before making any financial decisions.<\/em><\/strong><\/p><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>&#8220;To reduce risk it is necessary to avoid a portfolio whose securities are all highly correlated&#8221; \u2014 Harry Markowitz<\/p>\n<p>3 min read<\/p>","protected":false},"author":2,"featured_media":15980,"comment_status":"open","ping_status":"open","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"footnotes":""},"categories":[39,40],"tags":[385,70,108,230,117,67,144,296,297,298,299,15,90,377,330,92],"class_list":["post-15972","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-planning","category-investments","tag-correlationrisk","tag-diversification","tag-finance","tag-finances","tag-financetips","tag-financialadvice","tag-financialadviser","tag-financialadvisor","tag-financialeducation","tag-financialknowledge","tag-financialliteracy","tag-financialplanning-2","tag-investmentrisk","tag-investmentsuccess","tag-personalfinance","tag-risk"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"&quot;To reduce risk it is necessary to avoid a portfolio whose securities are 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