Bogleheads
A lot of the stuff on the wiki and site is massively simplified and not strictly true. If you don&#x27;t know much about finance, stuff like &quot;return is always associated with risk, there is no free-lunch&quot; is a good place to start, but more knowledgeable and quantitative investors know that this isn&#x27;t true (according to CAPM, only systematic risk generates return, not specific risk).<p>If you haven&#x27;t thought much about what kind of volatility you are okay with and aren&#x27;t really interested in managing your money, a boglehead kind of portfolio is good place to start. It&#x27;s something, for example, that I might recommend my mom, if I wasn&#x27;t willing to put in the work to manage her investments for her.<p>But for a technical crowd, like HN, the stuff on the site misrepresents modern financial theory and perpetuates people saying stuff that doesn&#x27;t even make any sense, like, &quot;you can&#x27;t beat the market&quot;,  &quot;don&#x27;t hold a leveraged index fund&quot;, &quot;active management is a scam&quot;, etc. Like all things people say, these have a kernel of truth, but the specifics and context are so far removed that these statements become meaningless, or even flat out wrong.<p>Even by just holding simple, automated ETFs (I don&#x27;t call this passive investing, because passive investing doesn&#x27;t exist), there&#x27;s tons of room for really interesting optimizations that increase return and decrease risk. Things like risk parity portfolios, minimum variance optimizations, persistent factor portfolios, etc.<p>And best of all, with zero commissions, super tight bid-ask spreads, and easy to access APIs, &quot;quant-lite&quot; investing is more accessible than every before.<p>In conclusion, every portfolio is an active portfolio, from deciding a equity&#x2F;bond ratio, to investing in real estate, to deciding to buy some TSLA. It&#x27;s all the same, so stay away from any dogmatic approaches to investing (I would say the bogleheads are pretty dogmatic). By becoming familiar with the biggest and most important advances in quantitative finance, along with understanding your own risk tolerance, you can construct a portfolio that is perfect for <i>you</i>, and that will give you so much more than a one-size-fits-all boglehead portfolio could ever hope to.