What should the portfolio of a 26 year old who wants to refine at 45 be?

For a 26-year-old who wants to refine their portfolio at 45, a balanced approach that considers growth and stability is crucial. Here are some key considerations:

1. **Long-Term Growth Focus**: Given the time horizon until 45, it's wise to include assets with potential for long-term growth. This may involve a mix of equities, including domestic and international stocks, and potentially some emerging markets.
2. **Diversification**: Diversification across different asset classes helps spread risk and can provide a buffer against market volatility. This includes diversification within equity holdings, such as large-cap, mid-cap, and small-cap stocks, as well as diversification across sectors.
3. **Stability and Income Generation**: By the time the 26-year-old reaches 45, they may have long-term care needs, which is why it's important to include stable income sources, such as bonds, dividend-paying stocks, and possibly real estate investment trusts (REITs).
4. **Tax Efficiency**: Consider tax-advantaged accounts, such as 401(k)s or IRAs, to maximize long-term growth potential and minimize tax liabilities.
5. **Risk Tolerance**: While the portfolio should include growth-oriented assets, it's important to maintain a risk tolerance that aligns with the investor's goals and circumstances. This may involve periodically rebalancing the portfolio to maintain desired risk levels.
6. **Regular Portfolio Reviews**: As the investor approaches 45, it's essential to conduct regular portfolio reviews to ensure the investments still align with the investor's goals, risk tolerance, and market conditions.

In summary, the portfolio should be designed for long-term growth with a stable income component, all while maintaining a prudent risk management approach.