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Good article here from Business Week.  The basic gist of the article is that the more strategies you understand and combine the better your returns will be.   This melds well with my approach.  I pride myself on being a jack of all trades.  It is useless to be an expert in large cap U.S. stocks without understanding how bonds impact the way those large caps might trade.  Likewise, it is useless to be an expert in merger arbitrage without understanding distressed debt strategies – as many managers found out in 2008.   Markets are the most complex systems on the planet.  The idea that you can predict or comprehend that entire system’s behavior by honing in one one segment is nothing short of ridiculous.  Anyhow the article is certainly worth a read.