After last year’s disastrous decline in all investment sectors, one of the worst years for investing since the 1930s, financial advisers are seriously rethinking traditional diversification and modern portfolio theory, The Wall Street Journal reports.

“We’ve always been proponents of modern portfolio theory, the idea that everything derives from asset allocation,” said Steven Enright of Enright Financial Advisors. “But 2008 is the first time this really didn’t work to hold up portfolios. So while we haven’t been torn away from modern portfolio theory, 2008 has made us think we should modify the way we do things a bit.”

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