In his post this morning, investment professional Ben Carlson writes, "Investors with a truly diversified portfolio are always going to hate something that they own." I love this sentence. It's absolutely true —and not by chance. Diversifying a portfolio means actually planning to have some crappy investment in place at all times.

As I write this, my partner is on his way to a meeting with one of our clients with a bottle of vintage champagne in hand. We don't bring champagne to every client meeting (though, it would be an interesting marketing ploy). But these clients have been working with us a number of years and have just recently topped $1 million...