Diversification is, as I’m sure we all know by now, the only free lunch in investing. It’s unclear exactly how many courses come with that free lunch, but I suspect it’s only the main. Personally, when I’m out for lunch (or dinner, for that matter), which I often am, I’ll plump for the three-course menu. So, how do we look at portfolio construction in the context of a three-course meal? In my view, the starter is sitting down and setting your investment objectives.