The writer is a financial journalist and author of ‘More: The 10,000-Year Rise of the World Economy’
It has been described as the easiest free lunch in investment: diversify your portfolio and you achieve a better trade-off between risk and reward. That still seems true when it comes to the number of stocks that investors own within their domestic market.
But new research by Elroy Dimson, Paul Marsh and Mike Staunton of the London Business School shows it has not always been the case with international diversification.
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