Shows that ETFs are more likely to be effective for retail investors, and surveys popular equity and fixed income products. Harry Markowitz’s Capital Asset Pricing Model asserts investors should be compensated for market risk but not idiosyncratic risk. Equity returns were abnormally high from 1990-2007, and pro money managers enjoy increasing advantages — but winning managers themselves are hard to find. Thus retailers should avoid beta masquerading as alpha and utilize low-cost, diversified financial products (investments). Equity funds are categorized by sector, size (tradeable creation units), and style (value of growth); international funds are crossovers that provide additional diversification. Fixed income funds, mostly bonds but also commodities, are categorized by duration and credit risk. Other maxims: what is the risk-adjusted return? how is the fund correlated to the portfolio? what is the cost in fees and transaction costs? ETFs should make self-directed investors more efficient. Well organized and timely (for me) in sketching the size and role of the bond market around the time of the Global Financial Crisis.