The year and the decade are nearly over. This calendrical conclusion inspires looking back and considering what might have been vs. what actually happened. Some are already calling the last 10 years a lost decade. But that’s misleading. Only investors who made big, risky bets suffered a lost decade. Despite what you may read elsewhere, broad asset allocation across the major asset classes delivered a modest gain. It wasn’t stellar, even by broadly diversified investing’s standards. But a lost decade? Hardly.