Increasing correlation between assets

Excerpt from from Sober Look by Walter Kurtz: The growing correlation between asssets reduce the possibilities and benefit of diversification, so in this way the investor look more in "macro" bond reality tha in "micro" data, more on this in link

This means that global macro events increasingly drive world financial markets, as investment professionals focus more on central banks than their specific investment mandates. Trading between "risk-on" and "risk-off" dominates valuations across asset classes. Consistent "alpha extraction" is becoming far more difficult and the choice of beta (risk appetite) rather than investment selection differentiates fund managers.