Isn't this 'both /and' as in quantum physics? Ashvin Chhabra's wealth allocation framework and MPT are like 'being a particle and a wave' - as confounding as that is for an advisor. Hansi, you've nailed it, and so did Ashvin Chhabra; you both advocate a more complete approach. MPT continues to offer an excellent metric for measuring the advisor, e.g., Wharton professor Marston's alpha star uses the capital market line to illustrate to a client how they're doing on a risk adjusted basis. Clients intuitively grasp this, just as they love the logic of Chhabra's 'buckets.'