@article {Daniel66, author = {Wayne E. Daniel and Herbert D. Blank}, title = {The Defensive Asset Class}, volume = {11}, number = {2}, pages = {66--75}, year = {2002}, doi = {10.3905/joi.2002.319508}, publisher = {Institutional Investor Journals Umbrella}, abstract = {In the United States, pension plan sponsors generally allocate assets according to category, to include {\textquotedblleft}alternative investments{\textquotedblright} as a separate asset class. The authors suggest that alternative investments represent a miscellaneous categorization rather than an asset class. Rather, six types of alternative investments, aggregated, form a unique asset class called the defensive asset class. These assets show a pronounced tendency to rise when the equity markets are in periods of inordinate stress-and when diversification is most needed. The authors recommend an allocation of 20\% of assets to the defensive asset class to ensure true diversification in all environments.}, issn = {1068-0896}, URL = {https://joi.pm-research.com/content/11/2/66}, eprint = {https://joi.pm-research.com/content/11/2/66.full.pdf}, journal = {The Journal of Investing} }