What does “diversification” mean and can fund manager performance be benchmarked?

The benefit of diversification to John Hancock Asset Management’s Bob Boyda is, so the investor has sufficient dry powder to snatch up values when stocks go on sale. This “buy on the dip” thought process, espoused at the Morningstar Investment Conference Tuesday, comes amid a unique if emerging market structure. Interconnected markets operated by complex systems and non-transparent systems that often use computer-based logic to entirely make decisions are clashing with geopolitical fundamentals that come without precedent. For JPMorgan Asset Management’s Anne Lester, this means using liquidity under crisis as a point of reference to assess risk. But as was…