The book is worth reading. One problem I see is that he does not even consider what I consider to be the most important part of a portfolio--individually owned real estate. Not REITs, but houses, apartments and commercial properties. As far as deciding that an individual can outsmart the market as a whole in risk analysis, you can play that game, and you will always be able to find a few very successful individuals who have done it and won. OTOH, I bet I can find enough lottery winners to make a compelling case that for these people, the smartest "investment" they ever made was that lotto ticket. Three great observations!John
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