I've been reading a lot of articles about the lack of diversification available now, where bonds and equities move in lock-step. Gold and commodities are no longer a hedge. I believe some of this is due to ETFS and target date funds with a set AA that fund managers cannot move money around very easily. What do you think? If you agree, what hedges are available for the next rotation? I can only think of real estate or private equity (non-listed investments).