a) The current drawback of Cliff's investment approach includes the lack of diversification. The goal of diversification is not to increase performance, as there is no guarantee of gains and losses. Diversification could help set the appropriate level of risk for an investor's time horizon, financial goals, and tolerance for portfolio volatility. In Cliff's case, investments are only in the form of stocks and bonds. To increase investment diversification, Cliff should acquire some investments with lower risks and different types, such as Treasury bills (T-bills). Treasury bills are short-term securities that mature in one year or less from the date of issuance, which are the most marketable money market securities. A wider variety of investments will lead to a reduction in the volatility of returns, thus securing Cliff's investment. Another disadvantage of Cliff's approach would be relying only on article suggestions to choose his investment. While articles praise them for having good investment opportunities, every investor would have different risk tolerance levels and goals, under different circumstances and times. Cliff should list his expectations and goals for his investment in order to have an appropriate approach. The level of risk and reward should be considered. Cliff also does not take time to evaluate the performance of the portfolio, it is crucial as the investor should be aware of his current situation and change it if necessary before it is too late and he fails in his financial goals. No portfolio review can make the portfolio redundant. It is essential to perform portfolio analysis and management frequently. Portfolio management is the dynamic function of evaluating and reviewing in terms of your stated investments… middle of the paper… launching your investment every 3-5 years. If his strategy remains the same, he should still focus on some medium and long term mutual funds to invest. This would be a good choice to accumulate funds for your retirement. Portfolio rebalancing can help Cliff maintain his original asset allocation strategy and allow him to implement any changes based on his investment style. To consider rebalancing, Cliff should take a look at his investment record to see his returns and strategy. The investment register can also serve as a comparison if needed in the future. The current value of the portfolio can be reviewed and calculated to compare it to the original weightings to see if rebalancing is necessary. Adjustments can be made if the original weightings change to keep the risk level constant and unchanged for other parts of Cliff's life.