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Areté's All-Terrain allocation strategy takes the basic idea of a diversified portfolio and significantly expands on it. Because both stocks and bonds are significantly overvalued relative to historical norms, it anchors on lower allocations to those assets. Because many asset "classes" are highly correlated to stocks and credit, it includes a wider array of assets that respond differently under different conditions. Finally, the strategy is actively managed in order to continuously adapt to changing conditions.