David Aspell sees investors struggling to find real diversification as the top ten S&P 500 (SPX) names now make up 38% of the index and fixed income no longer offsets stocks the way it used to. He favors the KMLM ETF, a systematic trend-following strategy trading commodities, currencies, and bonds both long and short, which is up around 20% this year with a low negative correlation to equities. Aspell says the fund is currently long oil and short fixed income to capture the trends driving yields higher and pressuring the stock market.