Devon -- great insights. My own view is that brpad-based mutual funds/ETF's only offer average returns (by definition). My portfolio has none of them. I only own stocks of companies that have little or no debt, substantial cash reserves, and products/services that satisfy insatiable demand (e.g., bullets, bandages, search, server farms (BRK-A/B, MKL, AAPL, etc.). Will these stocks decline iin value? Yes but they are the most likely to recover. Of course, I could be wrong.