The Morgan Stanley headquarters is seen in New York City on Jan. 17, 2023.
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In 2023 true diversification killed you. If you chose to buy stocks across a wide swath of sectors —financials, retailers, drugs, foods, utilities, autos, airlines and oils — and your timing wasn’t perfect, you got crushed. If you played by the classic investing rule of not putting all your eggs in one basket, you got crushed. And that’s a pretty shocking thing, something we don’t like to admit or talk about.