Netting risk anywhere is a threat to returns everywhere.
I have taken the liberty to repurpose one of the great quotes of the 20th century, and adulterate it, to elucidate a far more pedestrian financial concept: That of netting risk.
I took for granted that this was a widely known and understood concept. However, recently I have encountered a multitude of investments and trends where it was highly applicable and seemingly underappreciated by other investors. In fact, many institutional investors appeared to be unfamiliar with it, did not entirely understand it or had undervalued the importance of it.