Wall Street has declared yet another “year of the stock picker.” Don and Tom examine Morningstar and SPIVA data showing how few active large-cap funds beat their benchmarks—and why high fees, trading costs, taxes, short horizons, and fierce competition keep the odds tilted toward low-cost diversification. Then Greg asks where stocks and bonds belong while he begins Roth conversions. The discussion covers asset location, small-cap value exposure, international diversification, tax brackets, I...