KEY TAKEAWAYS:

Investors should consider age and risk tolerance, especially after age 50.

Avoid letting recency bias or market hype dictate investment decisions.

Limit portfolio tinkering; a once-annual review is generally sufficient.

Use an investment policy statement to guide rebalancing, tax planning, and charitable giving.

Sometimes investors need to think big picture: how to build a smart portfolio, avoid mistakes, and access time-tested principles. Here to discuss investing ideas is Christine Benz , Morningstar ‘s director of personal finance and retirement planning .

This interview has been edited for length and clarity.

Are You Playing It Too Safe With Your Portfolio?

Q: What are some signs that an investor might be taking on too much risk or playing it too safe w

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