Why portfolio construction is messy, personal, and never perfect. We compare the pros and cons of several portfolio strategies, including target-date funds, risk parity, and role-based portfolios. We conclude with three AI-related fallacies that will help us better navigate the current moment. Sponsors Square - Get up to $200 in hardware Delete Me – Use code David20 to get 20% off Live Portfolio Cohort - May 2026 Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Money for the Rest of Us Live Portfolio Cohorts Why Everything Suddenly Is ‘Perfect’ by Paula Marantz Cohen—The Wall Street Journal Your Perfect Portfolio by Cullen Roche—Pan MacMillan My Core Investment Values by Peter Lazaroff—Peter Lazaroff Show Us Your Portfolio: Jared Dillian—Excess Returns: An Investing Podcast The dystopian fantasy of uselessness by Stephen Cane—The Financial Times Investments Mentioned State Street Bridgewater All Weather ETF (ALLW) RPAR Risk Parity ETF (RPAR) AQR Multi-Asset Fund (AQRIX) Related Episodes 491: The Five Layers of Investing 306: Three Approaches to Asset Allocation See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.