Everyone has a plan until they get punched in the mouth
September 2026
By Chad Padowitz, Talaria Co-CIO
“Everybody has a plan until they get punched in the mouth.”
The point of diversification is to prepare for the risks you didn’t see coming.
But when more than 90% of global investable assets are meaningfully correlated with the S&P 500, owning different assets doesn’t necessarily mean being genuinely diversified.
In his latest article for Livewire Markets, Talaria Co-CIO Chad Padowitz looks at why genuine diversification is becoming harder to achieve, why what you own matters again, and the importance of finding genuinely different sources of return.
Chad Padowitz is the Co-Chief Investment Officer of Talaria Asset Management. He has more than 25 years’ experience in the financial services industry in the UK, South Africa and Australia.
His experience includes working as an analyst in the treasury department at HSBC Bank in London, in derivative reporting and analysis, and as an equities research analyst at First National Bank in South Africa.
Chad holds a Bachelor of Commerce from University of the Witwatersrand (South Africa), is a Fellow of the Financial Services Institute of Australasia and is a Chartered Financial Analyst charterholder. Chad co-founded Talaria Asset Management in 2018.
