Given the 2008 credit debacle, and the March 2000 to March 2003 tech bubble, how has your investing methodology changed? Do you still believe in MPT (modern portfolio theory)? Are you still allocating among different constrained asset classes?

Since the Lazarus Small Cap Value fund is constrained to only invest in — you guessed it! — small-cap stocks with a value bent (buying something for 85 cents that is worth a buck), do you feel — even if you have your customers allocated a la MPT — that it’s still okay to use that kind of constraint? Many funds, if not most funds, are constrained: Large-cap, micro-cap, fixed-income, etc; do you still use them? Do you use them the same way you used them before 2008? Or are you mixing with other investments? What investments?

On the other hand, are you beginning to use unconstrained funds, ones that can be 16% or more in gold, or, at the drop of a hat, move 100% to cash, or just as easily go to foreign stocks or currency swaps? Are you now looking for maximum flexibility?

Yes, I used Lazarus in the context of rising from the dead. Google says and I hope that there isn’t a Lazarus family of funds.