Hi all, I haven't posted here in a while, but in the last few days I have caught up on some of the past threads in this sub-forum. I have some questions for the ETF/index fund investors here for discussion... Is there any difference between individual stock picking and sector picking (within the broader asset class of shares) using focussed ETF's/index funds? If for the most part we accept that most of us won't be great stock pickers in the long-term, on what basis do we think that this will be any different when picking sectors? When an ETF/index fund manager creates a fund with a ''tilt'' towards yield, value, growth, large cap, small cap etc... or some other criteria... what makes this fund any different from any other ''active'' fund manager? What is the point of ''asset allocation'' and ''diversification''? Is it capital preservation, and/or volatility/risk reduction? What if your objective is the accumulation of a growing long-term income stream? Are "asset allocation" and ''diversification'' really relevant? Which asset class should you put your cash into to best achieve this outcome? Do you really need exposure to multiple asset classes and multiple sectors within those asset classes via multiple ETF's/index funds? How will doing this help in achieving this particular objective? Thanks for your comments.