Former owner of an NASD-member broker/dealer, 1993 to 1999. Ran a small private equity fund from 2002 through 2004. Registered Investment Adviser in 2005, back to private asset management in 2006. I am an admirer of Burton Malkiel and his book "A Random Walk Down Wall Street", and yet I trade derivatives almost every day. I use them simply as a return enhancement. My core holdings are allocated between equities index holdings and fixed income with the Fed Model playing a significant role in determining my equities vs. fixed income mix.