You know, I mentioned your first book, which we talked a lot about in our first conversation

many years ago, Rob. You also wrote a book called Smart Portfolios, and you start out with a quote

from Harry Markowich where it says, I only have one piece of advice, diversify, And if I had to offer a second piece of advice,

it would be remember that the future will not necessarily be like the past.

Therefore, we should diversify.

So diversification, I would love to just dive into this.

Talk to me about how you think about diversification.

What does it really mean to you to be diversified?

Because I think we all have our own different interpretations of what that is.

I mean, the basic maths behind diversification is that obviously you're trying to hold assets which are uncorrelated.

And that means that the average risk of your portfolio would be lower than it otherwise would

be.

And the nice thing then is that, you know, as we're all people trading futures, we can leverage

up to hit a given risk target and basically earn that diversification in the form of extra returns,

which is obviously what the investor ultimately wants.

Now, there's a kind of a few issues with the statement I've just made,

and one is that this idea that correlation is a good measure of diversification because correlation is

a linear measure.

So it kind of assumes that assets always have the same relationship.

So generally speaking, if assets are negatively correlated, that means that all the time.

If one asset goes down, the other one should go up and vice versa.

And you know we can kind of bring this to the present day because last week, you know, we

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