Asset allocation is built on the premise that some asset classes zig when others zag. Recent history has put this notion to the test as virtually everything has run up in price. Yes, there’s been a correction of sorts in July and August, but red ink still remains scarce so far in 2007 among the major asset classes. The notable exception is REITs, although considering that the asset class soared 35% last year leaves more than a little room for correction in 2007 without materially impacting the general uptrend. The question of what the flowering of bull markets across the board implies for asset allocation strategies was a topic for this reporter in the current issue of Wealth Manager. Easy and obvious conclusions are elusive, but pondering what it all means nonetheless offers some healthy food for thought for strategic-minded investors. If you’re inclined to take a bite, here’s today’s blue plate special.