Thanks @shri I hadn't heard of Paul Merriman before. Other personal finance books I've read recently are Your Money or Your Life, A Simple Path to Wealth, Financial Freedom, and some other short books, but none of them mentioned that small-cap value index funds have performed better than other asset classes in the past. We only have the past to go on, and it's nice to see an academic and financial advisor try to tell everyone what were the best asset classes in the past and their risk based on the past.
It can get pretty complicated if you invest in 7+ asset classes, but I like the idea of trying to pursue the highest return with the lowest possible risk (diversification seems to help a lot).
I thought I had figured out the best way to be average (just buy SWTSX or VTI), but there are so many averages out there that I haven't considered. I'd like to try to get the best average return possible.