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Having a leptokurtic distribution means that the probability of large positive and large negative returns is greater than under a normal distribution. If large negative events occur more frequently than assumed by mean-variance analysis, the case for global diversification is weakened. One of the primary arguments against international diversification is that global markets are becoming integrated and the mobility of capital has increased. The problem with estimating correlation during periods of rising volatility is that the correlation will be biased upwards when in fact it has not changed. Therefore, an argument against international diversification may not be valid if it relies on correlations calculated during volatile periods