“Stocks are the new bonds,” “just buy index funds,” “ETFs are all that are required,” “use liquid alternatives to modify portfolio price volatility,” “control your currency exposure with hedge funds,” or “pick the guys who pick the guys who pick the best performers”—all are admonitions offered by today’s talking heads on cable, the media, consultants, and other investment consiglieri, but almost never in the context of an individual’s investment circumstances, goals, and time horizon."