Let's start with lost money. The substitution of a mutual fund grab bag for the carefully engineered risk-management strategy that serves as the foundation for most corporate pension funds. But people aren't doing it. Even if you could teach this, most people wouldn't go back to rebalance their portfolios. There will be no sense of strategy that has been communicated to the participant.
Company stock is another problem.
A lot of companies have a very strong stock culture. If you work for the company, you're supposed to own the stock. But every year, some company goes down and leaves its employees high and dry. Their job can be in danger and the stock will be down at the same time. The answer, Waring believes, is to start with a portfolio strategy engineered with modern portfolio theory.