I have heard of diversification. I actually mentioned it in the post you quoted. You said earlier in this thread that PMs perform mediocre at best, and poorly for the most part. I just showed what the returns were for the 4 major PMs. They offer pretty much the same returns as your 'rough estimate' diversified portfolio of stocks. You have yet to show any evidence or data to back your main point that PMs perform poorly most of the time and mediocre at best. Go ahead and avoid the real debate here, and nitpick on my terminology again.