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By Andrew Lo
Published: September 30 2009 16:33 | Last updated: September 30 2009 16:33
The financial crisis has challenged virtually every tenet of modern portfolio management.
Investors were told to diversify by holding broad-based long-only portfolios of index funds; those who did so by investing in small-cap, large-cap, value, growth, international, emerging-market, balanced and target-date funds all lost money last year.
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