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Am I missing something ?

Transaction costs matter unless you have absurdly huge amounts of money to invest and don't care about taxes. [Or have a diverse array of NTF mutual funds in a retirement account.]

It's impossible to find negatively correlated assets in advance. If you knew the returns of each asset in advance, then year 1 you'd be 100% in stock, year 2 100% in property, year 3 100% in stock. If you don't know the returns of each asset for each year, you cannot determine their correlation.

You cannot "boost returns" unless you have a crystal ball or you increase your risk. Modern Portfolio Theory just makes it harder to see that you're making assumptions about the future.
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