Vanguard 500 vs Vanguard Total

[rockrock]

Total stock market is the most tax effecient mutual fund by definition because it owns the whole market.

RE: commodities - while there is no positive expected value, I don't think that is true for derivatives which PCRIX uses to trade. Also studies show that adding commodities decreases standard devation (one way to measure risk) in a portfolio while only taking away slighty from expected returns.

commodities also a great hedge against geopolitcal risk, specific event risk, unexptected inflation (i.e. katrina), etc.

MPT is pretty clear on size and value - the more of it you have the more risk you are taking but the higher your expected returns.