How does the old cliche go? If I had known then what I know now? As is the case with all cliches, this one remains in circulation because it still makes a poignant point. It certainly still applies to most facets of my relatively long life, including my years as an investor. While I'm happy enough with my net results, the echoes of my past missteps still ring in my current portfolio.

With that as the backdrop, and based on a few-too-many years' worth of accumulated wisdom, here's what my portfolio would look like if I was just starting out with $20,000 worth of cash. Note the sheer simplicity and straightforward nature of these picks.

There are no ifs, ands, or buts about it -- I'd invest half of any new portfolio of any size in an index fund like the SPDR S&P 500 ETF Trust (NYSEMKT: SPY), trusting that over time the market's inherent bullishness will do lots of heavy lifting.

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Source Fool.com