I love, love, love this...

Being truly diversified means that there almost always will be a part of your portfolio that is sucking wind. (Big note: if every piece of your portfolio is working really well, it means one of two things: you’re incredibly lucky or you are not actually diversified. I would assume the latter.

I have to say, we are pretty lucky. For the most part, our clients seem to really get this notion. But, there is certainly the occassion where we have to take a step back with a client to help them understand why they may have an investment underperforming their other investments. It is a challenge. I think we forget how much of an abstract idea asset allocation can be. Or, maybe some investors think we are able to predict the markets better than we actually can. There is a big difference between predictions and guidance. We can guide a portfolio through rough times but we can't predict our way out of a rocky market.