Our firm, AthenaInvest, manages fund overlay, stock, and tactical ETF portfolios exclusively using behavioral concepts. We have generated strong track records in each of these areas. We think of it as harnessing the market's emotions by building portfolios based on the measurable and persistent price distortions created by emotional crowds. But as is well known, to implement such an approach and then attract and retain clients, it is important to redirect your own emotions as well as mitigate the impact of client emotions on their portfolios. Three critical steps: Redirect, Harness, and Mitigate. I believe Behavioral Finance is the wave of the future and is in the process of replacing MPT. If interested in learning more, see "The Behavioral Market" at SSRN: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2210032