Simple portfolios consistently outperform, especially after all fees and realistic return and risk calculations. : “Private investments are a need-to-do, not a nice-to-do” was a quote given by the President and Head of the Private Client group of a well-respected firm to a leading investment publication. This is a strong statement and when presented to trustees or high- net-worth (HNW) individuals, it can be emotionally compelling. It implies that to be a good fiduciary of trusts or family wealth, one “need[s] to” construct complex endowment-like portfolios that traditionally include large amounts of private investments.