A great article from Meb Faber on how it can pay to look at your portfolio with the objective of getting rid of legacy positions that no longer merit being in the portfolio.  The opportunity cost to investors of these legacy positions can be enormous.

In essence, you’re forcing yourself to start with a mental clean slate. In a perfect world, how does your ideal portfolio look as of today, going forward? To the extent the actual holdings in your portfolio fit into your vision, they remain. Those that don’t get the axe.

Source: The Zero Budget Portfolio | Meb Faber Research – Stock Market and Investing Blog