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The so-called risk diversification principle is analyzed, showing that itsconvenience depends on individual characteristics of the risks involved and thedependence relationship among them.    Se analiza el principio de diversificaci\'on de riesgos y se demuestra que nosiempre resulta mejor que no diversificar, pues esto depende decaracter\'isticas individuales de los riesgos involucrados, as\'i como de larelaci\'on de dependencia entre los mismos.

Value at risk and the diversification dogma