Sébastien Page, CFA, head of the Global Multi-Asset division at T. Rowe Price and author of “Beyond Diversification,” discusses the importance of asset allocation and diversification, why investors should go beyond diversification, and whether the 60/40 portfolio is dead. ▶️ Subscribe to the Take 15 Podcast YouTube channel: https://www.youtube.com/channel/UCA3HUMuK4FSp_CvQH_2Ji7g?app=desktop ? Transcript ? Email us for comments, questions, or appearance requests:Take15podcast@cfainstitute.org ___________________________________________________________________________ Episode Breakdown: 1:43 Why Sébastien decided to write the book, “Beyond Diversification” 4:44 The motivation behind giving all proceeds from the book to the T. Rowe Price Foundation 5:45 Key themes that both advisors and investors can learn from the book 7:33 Why should investors go beyond diversification, and what wrong with diversification? 10:56 How can investors determine stock-bond mix? 14:13 Is the 60/40 portfolio alive or dead? 22:39 Are we paying enough attention to fat tails? 26:36 Sébastien’s tactical views on capital markets? 32:01 Sébastien’s LinkedIn view of teaching his daughter the basics of investing 34:40 Closing questions: One positive, long-lasting change that Sébastien hopes to see as a result of the COVID-19 pandemic One item Sébastien would take with him on a long-duration space flight Flight vs. invisibility? Which do you pick, and what do you do with your superpower? ___________________________________________________________________________ Related articles and links: Book: Beyond Diversification https://www.amazon.com/Beyond-Diversification-Every-Investor-Allocation/dp/1260474879/ref=sr_1_2?crid=3THWF3DWGYKSQ&dchild=1&keywords=beyond+diversification+sebastien+page&qid=1624304020&sprefix=beyond+diver%2Caps%2C163&sr=8-2 60/40 headlines: Kiplinger: https://www.kiplinger.com/investing/stocks/601569/rip-60-40-portfolio PIMCO: https://blog.pimco.com/en/2020/12/the-60-40-portfolio-is-alive-and-well Forbes: https://www.forbes.com/sites/katestalter/2021/03/13/time-to-rethink-the-classic-6040-portfolio/?sh=7f72b2ad449b Morningstar: https://www.morningstar.com/articles/1037531/long-live-the-6040-portfolio LinkedIn post: https://www.linkedin.com/posts/sebastien-page_investing-money-financialliteracy-activity-6798274246331265024-ZeCQ Sébastien’s LinkedIn video with his daughter: https://www.linkedin.com/posts/sebastien-page_investing-money-financialliteracy-ugcPost-6798273963849076737-798F ___________________________________________________________________________ Find Sébastien here: LinkedIn: https://www.linkedin.com/in/sebastien-page/ Find Lauren here: LinkedIn: https://www.linkedin.com/in/lauren- foster/ Twitter:https://twitter.com/laurenfosternyc