In this podcast episode, TJ van Gerven discusses portfolio construction from a holistic standpoint. He emphasizes the importance of the allocation between stocks, bonds, and cash as the largest determinant of expected return. TJ advises against overcomplicating portfolio construction by focusing on individual securities and suggests diversifying assets instead. He also highlights the significance of having a cash reserve for living expenses to provide peace of mind during volatile market periods. TJ emphasizes the importance of discipline and staying invested during market downturns, as attempting to time the market can lead to missed opportunities. Overall, he provides advice on constructing a well-balanced portfolio for long-term success.