01-30-2005, 09:32 PM
PAUL B. FARRELL
'Laziest Portfolio' 2004 winner
Ted Aronson scores repeat win with 15% returns
By Paul B. Farrell (http://www.marketwatch.com/news/mailto.asp?siteid=myyahoo&x=80+97+117+108+66+70+97 +114+114+101+108+108&y=Paul%20B.%20Farrell&guid=%7 BBC3B7AE7%2D713F%2D4933%2DAF20%2D7E8CE0128457%7D), CBS.MarketWatch.com Last Update: 8:45 PM ET Jan. 11, 2005
ARROYO GRANDE, Calif. (CBS.MW) --Who wins the award for the "Laziest Portfolio" of 2004? Ted Aronson, who says: "Our 'Lazy Man's portfolio' was up 15 percent. Wrap it up! I'll take it!" Two others are close seconds, but more on that later.
Ted also won the 2003 award, with returns of more than 30 percent, beating the S&P 500 by a wide margin both years, with less risk. What's his secret? No secret! Like all the other "Lazy Portfolios," Ted's uses a simple, no-nonsense, passive, well-diversified asset-allocation strategy with no trading, no tinkering and no rebalancing.
First, his background's important: Ted heads up AJO Partners based in Philadelphia. They manage about $20 billion. All institutional tax-exempt retirement funds. No retail/taxable funds like Fidelity and Vanguard. And that's why Ted's "lazy man's" portfolio got my attention several years ago.
Ted's "Lazy Portfolio" is his family's personal investment portfolio: "All of my family's retirement money is in AJO funds," says Ted. "But because the fund trades a lot, it's not suitable for taxable investments. So all our taxable money is in Vanguard's no-load index funds." Good advice from one of America's most successful money managers.
Ted is one of the rarest of America's 70,000 money managers. Why? Because he's one of the few that discloses his own portfolio assets and allocations. The 99.9 percent of the rest of them are too embarrassed, afraid their investors won't like what they see. Not Ted. In our interview he broke the fund managers "code-of-silence" and disclosed his own personal investment strategy, something I'll bet your fund manager won't do.
So here's Ted's 11-fund Lazy Portfolio, the one that did over 30 percent in 2003 and 15 percent in 2004. And remember folks, this is an asset-allocation strategy most financial planners charge big bucks for. Look closely: The asset allocations percentages are in front of the fund's name and the 2004 annual returns are behind the ticker symbol of each fund:
Domestic stock funds (40%)
(5%) Wilshire 5000 (VTSMX (http://www.marketwatch.com/tools/quotes/detail.asp?view=detail&symb=VTSMX&siteid=myyahoo&d ist=myyahoostoryquote): news (http://www.marketwatch.com/tools/quotes/news.asp?siteid=myyahoo&symb=VTSMX&dist=myyahoosto rynews), chart (http://www.marketwatch.com/tools/quotes/intchart.asp?siteid=myyahoo&symb=VTSMX&dist=myyaho ostorychart), profile (http://www.marketwatch.com/tools/quotes/profile.asp?siteid=myyahoo&symb=VTSMX&dist=myyahoo storyprofile)) (12.5%)
(15%) S&P 500 Index (VFINX (http://www.marketwatch.com/tools/quotes/detail.asp?view=detail&symb=VFINX&siteid=myyahoo&d ist=myyahoostoryquote): news (http://www.marketwatch.com/tools/quotes/news.asp?siteid=myyahoo&symb=VFINX&dist=myyahoosto rynews), chart (http://www.marketwatch.com/tools/quotes/intchart.asp?siteid=myyahoo&symb=VFINX&dist=myyaho ostorychart), profile (http://www.marketwatch.com/tools/quotes/profile.asp?siteid=myyahoo&symb=VFINX&dist=myyahoo storyprofile)) (10.7%)
(10%) Wilshire 4500 Mid-/Small-Cap (VEXMX (http://www.marketwatch.com/tools/quotes/detail.asp?view=detail&symb=VEXMX&siteid=myyahoo&d ist=myyahoostoryquote): news (http://www.marketwatch.com/tools/quotes/news.asp?siteid=myyahoo&symb=VEXMX&dist=myyahoosto rynews), chart (http://www.marketwatch.com/tools/quotes/intchart.asp?siteid=myyahoo&symb=VEXMX&dist=myyaho ostorychart), profile (http://www.marketwatch.com/tools/quotes/profile.asp?siteid=myyahoo&symb=VEXMX&dist=myyahoo storyprofile)) (18.7%)
(5%) MSCI US Small-Cap Growth (VISGX (http://www.marketwatch.com/tools/quotes/detail.asp?view=detail&symb=VISGX&siteid=myyahoo&d ist=myyahoostoryquote): news (http://www.marketwatch.com/tools/quotes/news.asp?siteid=myyahoo&symb=VISGX&dist=myyahoosto rynews), chart (http://www.marketwatch.com/tools/quotes/intchart.asp?siteid=myyahoo&symb=VISGX&dist=myyaho ostorychart), profile (http://www.marketwatch.com/tools/quotes/profile.asp?siteid=myyahoo&symb=VISGX&dist=myyahoo storyprofile)) (16.0%)
(5%) MSCI US Small-Cap Value (VISVX (http://www.marketwatch.com/tools/quotes/detail.asp?view=detail&symb=VISVX&siteid=myyahoo&d ist=myyahoostoryquote): news (http://www.marketwatch.com/tools/quotes/news.asp?siteid=myyahoo&symb=VISVX&dist=myyahoosto rynews), chart (http://www.marketwatch.com/tools/quotes/intchart.asp?siteid=myyahoo&symb=VISVX&dist=myyaho ostorychart), profile (http://www.marketwatch.com/tools/quotes/profile.asp?siteid=myyahoo&symb=VISVX&dist=myyahoo storyprofile)) (23.5%)
Foreign stock funds (30%)
(15%) Emerging MarketsMSCI-EMGFree (VEIEX (http://www.marketwatch.com/tools/quotes/detail.asp?view=detail&symb=VEIEX&siteid=myyahoo&d ist=myyahoostoryquote): news (http://www.marketwatch.com/tools/quotes/news.asp?siteid=myyahoo&symb=VEIEX&dist=myyahoosto rynews), chart (http://www.marketwatch.com/tools/quotes/intchart.asp?siteid=myyahoo&symb=VEIEX&dist=myyaho ostorychart), profile (http://www.marketwatch.com/tools/quotes/profile.asp?siteid=myyahoo&symb=VEIEX&dist=myyahoo storyprofile)) (24.8%)
(10%) Pacific Stock Index MSCI-PAC (VPACX (http://www.marketwatch.com/tools/quotes/detail.asp?view=detail&symb=VPACX&siteid=myyahoo&d ist=myyahoostoryquote): news (http://www.marketwatch.com/tools/quotes/news.asp?siteid=myyahoo&symb=VPACX&dist=myyahoosto rynews), chart (http://www.marketwatch.com/tools/quotes/intchart.asp?siteid=myyahoo&symb=VPACX&dist=myyaho ostorychart), profile (http://www.marketwatch.com/tools/quotes/profile.asp?siteid=myyahoo&symb=VPACX&dist=myyahoo storyprofile)) (18.8%)
(5%) European Stock Index MSCI-EUR (VEURX (http://www.marketwatch.com/tools/quotes/detail.asp?view=detail&symb=VEURX&siteid=myyahoo&d ist=myyahoostoryquote): news (http://www.marketwatch.com/tools/quotes/news.asp?siteid=myyahoo&symb=VEURX&dist=myyahoosto rynews), chart (http://www.marketwatch.com/tools/quotes/intchart.asp?siteid=myyahoo&symb=VEURX&dist=myyaho ostorychart), profile (http://www.marketwatch.com/tools/quotes/profile.asp?siteid=myyahoo&symb=VEURX&dist=myyahoo storyprofile)) (20.8%)
Fixed-income funds (30%)
(10%)TIPS: Inflation-Protected Securities (VIPSX (http://www.marketwatch.com/tools/quotes/detail.asp?view=detail&symb=VIPSX&siteid=myyahoo&d ist=myyahoostoryquote): news (http://www.marketwatch.com/tools/quotes/news.asp?siteid=myyahoo&symb=VIPSX&dist=myyahoosto rynews), chart (http://www.marketwatch.com/tools/quotes/intchart.asp?siteid=myyahoo&symb=VIPSX&dist=myyaho ostorychart), profile (http://www.marketwatch.com/tools/quotes/profile.asp?siteid=myyahoo&symb=VIPSX&dist=myyahoo storyprofile)) (8.2%)
(10%)High-Yield Corporate (VWEHX (http://www.marketwatch.com/tools/quotes/detail.asp?view=detail&symb=VWEHX&siteid=myyahoo&d ist=myyahoostoryquote): news (http://www.marketwatch.com/tools/quotes/news.asp?siteid=myyahoo&symb=VWEHX&dist=myyahoosto rynews), chart (http://www.marketwatch.com/tools/quotes/intchart.asp?siteid=myyahoo&symb=VWEHX&dist=myyaho ostorychart), profile (http://www.marketwatch.com/tools/quotes/profile.asp?siteid=myyahoo&symb=VWEHX&dist=myyahoo storyprofile)) (8.5%)
(10%)Long-Term Treasury (VUSTX (http://www.marketwatch.com/tools/quotes/detail.asp?view=detail&symb=VUSTX&siteid=myyahoo&d ist=myyahoostoryquote): news (http://www.marketwatch.com/tools/quotes/news.asp?siteid=myyahoo&symb=VUSTX&dist=myyahoosto rynews), chart (http://www.marketwatch.com/tools/quotes/intchart.asp?siteid=myyahoo&symb=VUSTX&dist=myyaho ostorychart), profile (http://www.marketwatch.com/tools/quotes/profile.asp?siteid=myyahoo&symb=VUSTX&dist=myyahoo storyprofile)) (7.1%)
Ted's candor about his strategy fits his reputation for total integrity. In fact, a couple years ago TheStreet.com called him "the world's most honest money manager." That helps explain why, during last year's fund scandals, Ted served as Chairman of the Board of Governors of the Association of Investment Management & Research, the leading professional organization for money managers, with 70,000 members in 100 countries.
Simple buy-and-hold asset allocation strategy
So when Ted speaks, you should listen. In fact, it's important for every American investor to understand Ted's super-simple portfolio. Remember, there are absolutely no actively managed funds in this lazy portfolio. All 11 funds are low-cost no-load Vanguard index funds, a strategy used in virtually all the "Lazy Portfolios."
In fact, Ted even bought the Vanguard S&P 500 index fund when it first came out way back in 1976 (in fact, $10,000 invested in that fund back in 1976 would be worth more than $200,000 today, thanks to compounding). And like all the funds in his portfolio, he doesn't sell or trade, he just keeps adding new money to rebalance and maintain the designated asset allocations.
So yes, Ted's justified in staking his claim on the Laziest Portfolio of 2004: "Wrap it up! I'll take it! What a splendid year! Domestic stocks ranged from average (S&P 500, which since 1926 averaged 10.4 percent) to extraordinary (small-cap value). Bonds were certainly acceptable. I'd take 7-8 percent until the cows come home. And foreign provided the real pizzazz: 18-25 percent. Doesn't get much better than that!"
Still Ted's cautious, holding relatively steady on his asset allocations, with some minor tweaking:
"I suggest cutting back on bonds, by moving 5 percent from long-term Treasuries and 5 percent from high-yield bonds. The dough should go into emerging market stocks (from 15 to 20 percent) and Pacific portfolio from 10 to 15 percent. Everything else remains the same." So aggregate asset mix for 2005:
U.S. equities: 40% (skewed to small- and midcaps)
International equities: 40% (skewed to emerging and Japan)
Bonds: 20% (skewed to TIPS)
Overall, Ted's conservative about 2005: "At the risk of sounding like a broken record, I think 2005 will be a year dominated by low, single-digit returns. Most assets are fairly priced at best. If inflation/rates tick up, bonds (total returns) could be off a few percent. And stocks might be in the 0%-10% range (the low end for domestic and the higher end for emerging markets). My portfolio recognizes all these forecasts have especially wide bands around them -- thus the balance and diversification. On the other hand, by heavily favoring equities, it recognizes that stocks will outperform bonds."
So Ted's letting his winnings ride on the "Laziest Portfolio for 2005!" And he can. He's got a winning track record here. Maybe you should bet with him!
Next week we'll update the other of the "Laziest Portfolios" that we've been tracking for the past several years: The Coffeehouse Portfolio, No-Brainer Portfolio and the Couch Potato Portfolio. Come back and find out which one did over 14 percent last year and why you need one of the "Laziest Portfolios" to prepare for the next bear correction.
'Laziest Portfolio' 2004 winner
Ted Aronson scores repeat win with 15% returns
By Paul B. Farrell (http://www.marketwatch.com/news/mailto.asp?siteid=myyahoo&x=80+97+117+108+66+70+97 +114+114+101+108+108&y=Paul%20B.%20Farrell&guid=%7 BBC3B7AE7%2D713F%2D4933%2DAF20%2D7E8CE0128457%7D), CBS.MarketWatch.com Last Update: 8:45 PM ET Jan. 11, 2005
ARROYO GRANDE, Calif. (CBS.MW) --Who wins the award for the "Laziest Portfolio" of 2004? Ted Aronson, who says: "Our 'Lazy Man's portfolio' was up 15 percent. Wrap it up! I'll take it!" Two others are close seconds, but more on that later.
Ted also won the 2003 award, with returns of more than 30 percent, beating the S&P 500 by a wide margin both years, with less risk. What's his secret? No secret! Like all the other "Lazy Portfolios," Ted's uses a simple, no-nonsense, passive, well-diversified asset-allocation strategy with no trading, no tinkering and no rebalancing.
First, his background's important: Ted heads up AJO Partners based in Philadelphia. They manage about $20 billion. All institutional tax-exempt retirement funds. No retail/taxable funds like Fidelity and Vanguard. And that's why Ted's "lazy man's" portfolio got my attention several years ago.
Ted's "Lazy Portfolio" is his family's personal investment portfolio: "All of my family's retirement money is in AJO funds," says Ted. "But because the fund trades a lot, it's not suitable for taxable investments. So all our taxable money is in Vanguard's no-load index funds." Good advice from one of America's most successful money managers.
Ted is one of the rarest of America's 70,000 money managers. Why? Because he's one of the few that discloses his own portfolio assets and allocations. The 99.9 percent of the rest of them are too embarrassed, afraid their investors won't like what they see. Not Ted. In our interview he broke the fund managers "code-of-silence" and disclosed his own personal investment strategy, something I'll bet your fund manager won't do.
So here's Ted's 11-fund Lazy Portfolio, the one that did over 30 percent in 2003 and 15 percent in 2004. And remember folks, this is an asset-allocation strategy most financial planners charge big bucks for. Look closely: The asset allocations percentages are in front of the fund's name and the 2004 annual returns are behind the ticker symbol of each fund:
Domestic stock funds (40%)
(5%) Wilshire 5000 (VTSMX (http://www.marketwatch.com/tools/quotes/detail.asp?view=detail&symb=VTSMX&siteid=myyahoo&d ist=myyahoostoryquote): news (http://www.marketwatch.com/tools/quotes/news.asp?siteid=myyahoo&symb=VTSMX&dist=myyahoosto rynews), chart (http://www.marketwatch.com/tools/quotes/intchart.asp?siteid=myyahoo&symb=VTSMX&dist=myyaho ostorychart), profile (http://www.marketwatch.com/tools/quotes/profile.asp?siteid=myyahoo&symb=VTSMX&dist=myyahoo storyprofile)) (12.5%)
(15%) S&P 500 Index (VFINX (http://www.marketwatch.com/tools/quotes/detail.asp?view=detail&symb=VFINX&siteid=myyahoo&d ist=myyahoostoryquote): news (http://www.marketwatch.com/tools/quotes/news.asp?siteid=myyahoo&symb=VFINX&dist=myyahoosto rynews), chart (http://www.marketwatch.com/tools/quotes/intchart.asp?siteid=myyahoo&symb=VFINX&dist=myyaho ostorychart), profile (http://www.marketwatch.com/tools/quotes/profile.asp?siteid=myyahoo&symb=VFINX&dist=myyahoo storyprofile)) (10.7%)
(10%) Wilshire 4500 Mid-/Small-Cap (VEXMX (http://www.marketwatch.com/tools/quotes/detail.asp?view=detail&symb=VEXMX&siteid=myyahoo&d ist=myyahoostoryquote): news (http://www.marketwatch.com/tools/quotes/news.asp?siteid=myyahoo&symb=VEXMX&dist=myyahoosto rynews), chart (http://www.marketwatch.com/tools/quotes/intchart.asp?siteid=myyahoo&symb=VEXMX&dist=myyaho ostorychart), profile (http://www.marketwatch.com/tools/quotes/profile.asp?siteid=myyahoo&symb=VEXMX&dist=myyahoo storyprofile)) (18.7%)
(5%) MSCI US Small-Cap Growth (VISGX (http://www.marketwatch.com/tools/quotes/detail.asp?view=detail&symb=VISGX&siteid=myyahoo&d ist=myyahoostoryquote): news (http://www.marketwatch.com/tools/quotes/news.asp?siteid=myyahoo&symb=VISGX&dist=myyahoosto rynews), chart (http://www.marketwatch.com/tools/quotes/intchart.asp?siteid=myyahoo&symb=VISGX&dist=myyaho ostorychart), profile (http://www.marketwatch.com/tools/quotes/profile.asp?siteid=myyahoo&symb=VISGX&dist=myyahoo storyprofile)) (16.0%)
(5%) MSCI US Small-Cap Value (VISVX (http://www.marketwatch.com/tools/quotes/detail.asp?view=detail&symb=VISVX&siteid=myyahoo&d ist=myyahoostoryquote): news (http://www.marketwatch.com/tools/quotes/news.asp?siteid=myyahoo&symb=VISVX&dist=myyahoosto rynews), chart (http://www.marketwatch.com/tools/quotes/intchart.asp?siteid=myyahoo&symb=VISVX&dist=myyaho ostorychart), profile (http://www.marketwatch.com/tools/quotes/profile.asp?siteid=myyahoo&symb=VISVX&dist=myyahoo storyprofile)) (23.5%)
Foreign stock funds (30%)
(15%) Emerging MarketsMSCI-EMGFree (VEIEX (http://www.marketwatch.com/tools/quotes/detail.asp?view=detail&symb=VEIEX&siteid=myyahoo&d ist=myyahoostoryquote): news (http://www.marketwatch.com/tools/quotes/news.asp?siteid=myyahoo&symb=VEIEX&dist=myyahoosto rynews), chart (http://www.marketwatch.com/tools/quotes/intchart.asp?siteid=myyahoo&symb=VEIEX&dist=myyaho ostorychart), profile (http://www.marketwatch.com/tools/quotes/profile.asp?siteid=myyahoo&symb=VEIEX&dist=myyahoo storyprofile)) (24.8%)
(10%) Pacific Stock Index MSCI-PAC (VPACX (http://www.marketwatch.com/tools/quotes/detail.asp?view=detail&symb=VPACX&siteid=myyahoo&d ist=myyahoostoryquote): news (http://www.marketwatch.com/tools/quotes/news.asp?siteid=myyahoo&symb=VPACX&dist=myyahoosto rynews), chart (http://www.marketwatch.com/tools/quotes/intchart.asp?siteid=myyahoo&symb=VPACX&dist=myyaho ostorychart), profile (http://www.marketwatch.com/tools/quotes/profile.asp?siteid=myyahoo&symb=VPACX&dist=myyahoo storyprofile)) (18.8%)
(5%) European Stock Index MSCI-EUR (VEURX (http://www.marketwatch.com/tools/quotes/detail.asp?view=detail&symb=VEURX&siteid=myyahoo&d ist=myyahoostoryquote): news (http://www.marketwatch.com/tools/quotes/news.asp?siteid=myyahoo&symb=VEURX&dist=myyahoosto rynews), chart (http://www.marketwatch.com/tools/quotes/intchart.asp?siteid=myyahoo&symb=VEURX&dist=myyaho ostorychart), profile (http://www.marketwatch.com/tools/quotes/profile.asp?siteid=myyahoo&symb=VEURX&dist=myyahoo storyprofile)) (20.8%)
Fixed-income funds (30%)
(10%)TIPS: Inflation-Protected Securities (VIPSX (http://www.marketwatch.com/tools/quotes/detail.asp?view=detail&symb=VIPSX&siteid=myyahoo&d ist=myyahoostoryquote): news (http://www.marketwatch.com/tools/quotes/news.asp?siteid=myyahoo&symb=VIPSX&dist=myyahoosto rynews), chart (http://www.marketwatch.com/tools/quotes/intchart.asp?siteid=myyahoo&symb=VIPSX&dist=myyaho ostorychart), profile (http://www.marketwatch.com/tools/quotes/profile.asp?siteid=myyahoo&symb=VIPSX&dist=myyahoo storyprofile)) (8.2%)
(10%)High-Yield Corporate (VWEHX (http://www.marketwatch.com/tools/quotes/detail.asp?view=detail&symb=VWEHX&siteid=myyahoo&d ist=myyahoostoryquote): news (http://www.marketwatch.com/tools/quotes/news.asp?siteid=myyahoo&symb=VWEHX&dist=myyahoosto rynews), chart (http://www.marketwatch.com/tools/quotes/intchart.asp?siteid=myyahoo&symb=VWEHX&dist=myyaho ostorychart), profile (http://www.marketwatch.com/tools/quotes/profile.asp?siteid=myyahoo&symb=VWEHX&dist=myyahoo storyprofile)) (8.5%)
(10%)Long-Term Treasury (VUSTX (http://www.marketwatch.com/tools/quotes/detail.asp?view=detail&symb=VUSTX&siteid=myyahoo&d ist=myyahoostoryquote): news (http://www.marketwatch.com/tools/quotes/news.asp?siteid=myyahoo&symb=VUSTX&dist=myyahoosto rynews), chart (http://www.marketwatch.com/tools/quotes/intchart.asp?siteid=myyahoo&symb=VUSTX&dist=myyaho ostorychart), profile (http://www.marketwatch.com/tools/quotes/profile.asp?siteid=myyahoo&symb=VUSTX&dist=myyahoo storyprofile)) (7.1%)
Ted's candor about his strategy fits his reputation for total integrity. In fact, a couple years ago TheStreet.com called him "the world's most honest money manager." That helps explain why, during last year's fund scandals, Ted served as Chairman of the Board of Governors of the Association of Investment Management & Research, the leading professional organization for money managers, with 70,000 members in 100 countries.
Simple buy-and-hold asset allocation strategy
So when Ted speaks, you should listen. In fact, it's important for every American investor to understand Ted's super-simple portfolio. Remember, there are absolutely no actively managed funds in this lazy portfolio. All 11 funds are low-cost no-load Vanguard index funds, a strategy used in virtually all the "Lazy Portfolios."
In fact, Ted even bought the Vanguard S&P 500 index fund when it first came out way back in 1976 (in fact, $10,000 invested in that fund back in 1976 would be worth more than $200,000 today, thanks to compounding). And like all the funds in his portfolio, he doesn't sell or trade, he just keeps adding new money to rebalance and maintain the designated asset allocations.
So yes, Ted's justified in staking his claim on the Laziest Portfolio of 2004: "Wrap it up! I'll take it! What a splendid year! Domestic stocks ranged from average (S&P 500, which since 1926 averaged 10.4 percent) to extraordinary (small-cap value). Bonds were certainly acceptable. I'd take 7-8 percent until the cows come home. And foreign provided the real pizzazz: 18-25 percent. Doesn't get much better than that!"
Still Ted's cautious, holding relatively steady on his asset allocations, with some minor tweaking:
"I suggest cutting back on bonds, by moving 5 percent from long-term Treasuries and 5 percent from high-yield bonds. The dough should go into emerging market stocks (from 15 to 20 percent) and Pacific portfolio from 10 to 15 percent. Everything else remains the same." So aggregate asset mix for 2005:
U.S. equities: 40% (skewed to small- and midcaps)
International equities: 40% (skewed to emerging and Japan)
Bonds: 20% (skewed to TIPS)
Overall, Ted's conservative about 2005: "At the risk of sounding like a broken record, I think 2005 will be a year dominated by low, single-digit returns. Most assets are fairly priced at best. If inflation/rates tick up, bonds (total returns) could be off a few percent. And stocks might be in the 0%-10% range (the low end for domestic and the higher end for emerging markets). My portfolio recognizes all these forecasts have especially wide bands around them -- thus the balance and diversification. On the other hand, by heavily favoring equities, it recognizes that stocks will outperform bonds."
So Ted's letting his winnings ride on the "Laziest Portfolio for 2005!" And he can. He's got a winning track record here. Maybe you should bet with him!
Next week we'll update the other of the "Laziest Portfolios" that we've been tracking for the past several years: The Coffeehouse Portfolio, No-Brainer Portfolio and the Couch Potato Portfolio. Come back and find out which one did over 14 percent last year and why you need one of the "Laziest Portfolios" to prepare for the next bear correction.