GMO's LeGraw: 60-40, 'set-and-forget' is dead

It's Day Two of Money Life at Morningstar, featuring interviews from the Morningstar Investment Conference in Chicago. One of the themes of this year's event has been the rise and fall and rebirth of 60-40 portfolios and Catherine LeGraw, partner at GMO, takes the side that the default allocation is too blunt to work for everyone, leaving them with too much risk which ultimately short-circuits their ability to reach their goals. Also on this show, Steve Romick of the FPA Crescent fund, Morningstar's John Rekenthaler, John Hoffman of Invesco, Hunter Hayes of Intrepid Capital Management, Brian Portnoy of Shaping Wealth and Shana Sissel of Banrion Capital. Plus Tom Lydon of VettaFi with the ETF of the Week!