Second, maximize diversification through investing in all asset classes. Every portfolio should have a global focus. There is no such thing as a local portfolio or one that is not connected to all asset classes.
Third, employ alternative investments. The use of alternatives just further provides diversification beyond asset class and toward strategy differences.
Fourth, while smarter use of traditional asset classes is harder to describe, it focuses on the idea that a simple market-weighted approach to asset classes is limiting. Factors drive asset classes, so focus on the factors that will drive asset classes.
Finally, a durable approach should be consistent. Consistency does not lock-in behavior but provides a way to look at diverse bets across different asset class using a single language.