Now that 2008 is about to be safely behind us and we have had 2009 to recover — and, who knows for sure, but 2010 is looking like it could be okay, yes? — I’m wondering what you think about third-party managers.

We’ve discussed tactical (float like a butterfly, sting like a bee; in other words, be flexible and responsive to investment conditions) vs. strategic (diversify proportionately so that all risks are considered and non-correlation is paramount; in other words, get the right percentage of each thing tucked into a portfolio). Well, what about doing some strategic portfolios of your own and surrounding it with tactical managers? Or what about surrounding a strategic third-party manager with other, tactical, third-party managers?