This is a good summary of the evolution of portfolio management. I would add the challenge of capacity in the alternative space. We are already seeing crowding in PE and real assets.

On The only free lunch in finance -

Very hard to know if and when we see a major correction in equity markets. We have had three decent corrections since the GFC, and perhaps this will be the new norm in the absence of another major imbalance in financial markets such as the tech boom and the credit crisis of 2007-8. Share market returns were much higher leading into these last two bear markets than they have been in the last 5 years. And interest rates are much lower now!

On Planning for the end of the equity party -

Graeme, it all comes down to fund selection. True many of the 'alternatives' being promoted pre GFC failed. But I would be remiss if I didn't tell you that the funds we were in at that time did extremely well with and a number we have invested in since also did well through the GFC.

On Challenging the traditional asset allocation model -