Horizon Kinetics – The Absence of Sectoral Diversification in the S&P 500

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Horizon Kinetics – The Absence of Sectoral Diversification in the S&P 500

Horizon Kinetics commentary for the third quarter 2014.

This year’s commentaries review some of the surprising ways in which scientific-seeming or rule-based approaches to investing, which are now the norm and implemented via exchange-traded funds (ETFs) and index-based mutual funds, are foiled in practice by the social science reality of the fluid marketplace.

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