Looking under the hood;

Am I adequately diversified?  Let's look at the details

energy:

Conoco phillips 6076
Linn Energy 27201
Chevron    17064
Enterprise Products Partners 16029
Kinder Morgan Management 15589
Seadrill 14015
Spectra Energy Corp 9434
Teekay LNG Partners 14832

120240
14.69%

utilities

Atlantic Power Corp 10629
Southern Corp 21177
Duke Energy Corp 14008
National Grid 16559

62373
7.62%


telecom

Consolidated Communications Holdings 6271
France Telecom 5095
Otelco 878
China Mobile Ltd 17409
Chunghwa Telecom 11889
CenturyLink 9470
AT&T Inc 14574
Verizon Communications 13933

79514
9.71%

consumer staples

Sysco Corp 24152
Put General Mills 7800
Heinz HJ Corp 14256
Proctor & Gamble 17811
Kimberly Clark14559


78578
9.60%

consumer discretionary

Staples 7166                                                 
Costco 17330
Darden Restaurants 16396
McDonalds Corp 14013
Walmart Stores Inc 14499
Put Hasbro 3750

73154
 8.94%

basic materials



technology


Nokia 1424
Axion Power International 9149
Cisco Systems, Inc 7594
Intel Corp 12068
Johnson Controls 18341
Microsoft Corp 13951
Exide Technologies Com 9124

71651
8.75%

healthcare

Abbott Laboratories 16420
Johnson and Johnson 15973
Teva Pharmaceutical Industries 14922

47315
5.78%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           

financials


Aflac Inc
Paychex 9020
Automatic Data Processing 15289
Hudson City Bancorp 14904
US Bancorp 15239
Wells Fargo and Co 15159

69611
8.50%

industrials

General Electric Co 7622
Waste Management 14712
Navios Maritime Partners 13029

25363
 3.10%

REITs

Healthcare Trust of America Inc 1198
National Retail Properties Inc 6569
Health Care REIT Inc 15582
Realty Income Corp 16054
Corporate Office Properties 6076
Retail Opportunity Investments Corp 5585

51064
6.24%

Conglomerates

Central Securities Corp 5792
Compass Diversified Holdings 8402
Berkshire Hathaway Inc 17700

31894
3.90%

Mutual Funds

                          Matthew's Asian Growth and Income Fund 6173

0.75%

Bond Funds

Alliance Bernstein Global High Income Fund, Inc 17886
Western Assets Emerging Markets Debt Fund, Inc 13291
Pimco Strategic Global Goverment Fund, Inc 12483
Templeton Emerging Markets Income Fund, Inc 15241
Blackrock Income Opportunity Trust Inc 12263
71164
8.69%



I seem to be lacking any basic materials...will need to study why I have missed that sector.
My healthcare is essentially all big pharma, except that I have some healthcare REITs

I have a good exposure to global bond funds, but bonds are still only 9% of my overall portfolio.

The conglomerates muddy the waters a bit with respect to sector diversification. I don't have a really good idea of which sectors they represent.

From a standpoint of geographic diversity, my international holdings include the bond funds, the Asia mutual fund, GE, Navios,  Big Oil and LNG, Aflac, Big Pharma, Consumer discretionary, Technology, Consumer staples, Telecom and Utilities

In fact, I'm surprised at how well I have international investments covered with the holdings I have.

The pundits would say I should be 50% in bonds, given my age. I just can't bring myself to do that, so my alternative is a high concentration of dividend paying, dividend growing large-cap stocks with relatively low volatility.  I think the REITS have similar qualities, since irrespective of property valuations, the lease returns on property pay out similar to a bond. I can convert any of them into income when the time comes, and given my time frame, the underlying capital value is pretty safe.

Compared to the Standard and Poor 500, I'm overweight energy, utilities, telecom, consumer staples, consumer discretionary. I'm underweight basic materials, technology, healthcare, financials and industrials.

Neither the S&P 500 or the NYSE lists REITS as a sector.
I am 6.24% REITS, 8.69% bond and diversified income funds.

If I were to rebalance, I'd increase my health care a bit( Perhaps McKesson, Medtronic, Novo Nordisc) , increase my industrials a bit ( I'm thinking EMR, Cummins, Deere, CAT, maybe Illinois Tool Works, RPM, Dow, ) , find some materials that meet my criteria (perhaps fertilizer, uranium, lithium, silver) of producing dividend income. I like my overweight in energy and utilities, but perhaps I could so a very selective pruning of these to allow diversification into the sectors where I'm really short.

This has been a productive workshop; we'll see how I address this in the new year; should be some profit sharing coming along, so I can rebalance with new cash as opposed to selling a bunch of shares.