no.he ** wrong. what ** the probability for the expansion,normal and recession in next year?if you h**e the probability,we would calculate the r**k of the portfolio. currently,i could only know the return of alpha,beta and gamma ** that expansion normal recession a 8 4-4 b 0-1.5-2.5 g 3 1.5-1.5 beta has the alternative trend compared with alpha,while gamma has the same trend.therefore,whatever the market trend will be,gamma will not help reduce the r**k of the portfolio.thus,gamma will not help achieve better diversification.