The Inversion Investor

The Inversion Investor

Diversification, Concentration, or Variance Collapse?

Peter Pham's avatar
Peter Pham
Sep 27, 2025
∙ Paid

Real Vision recently argued that “diversification is dead.”

They say fiat debasement and inflation raise the hurdle to ~11%, so broad, watered-down portfolios can’t cut it.

Their solution: hyper-concentration.

It sounds bold, but let’s look closer.

User's avatar

Continue reading this post for free, courtesy of Peter Pham.

Or purchase a paid subscription.
© 2026 Phoenix Global Wealth Management · Publisher Terms
Substack · Privacy ∙ Terms ∙ Collection notice
Start your SubstackGet the app
Substack is the home for great culture