As we contemplate the possibility and meaning of forever low interest rates, the 60/40 portfolio becomes a retreat from advisor/manager responsibility (as is buying a .56% 10-yr bond for “income”). Yes, a partial answer may be found by hedged allowance for volatility, but even though “growth” may be harder to find, the fact remains - through recent and future black swan events - that the real winners will be those who take the risk and find it.