Someone whose portfolio has simply lost value because of stock fraud, for example, cannot bring a lawsuit directly under the securities laws.

Trouble became apparent in May, when the portfolio lost 6.5 percent.

Age-based portfolios, the most popular choice for investors across the country, also lost money in the 12 months through March.

The average portfolio appropriate for a 5-year-old, for example, lost 17.8 percent in the 12 months.

There are people whose stock portfolios lost money and realize they have to diversify.

The portfolio lost 7.2 percent a year, on average, for the three years through Thursday.

First, if the portfolio lost money in any given year, there would be no raise at all for inflation.

But, with that and other losses, the club's portfolio had lost 20 percent of its principal by the middle of last month.

Would you be comfortable if your portfolio lost 10 percent of its value, or 20 percent?

The original portfolio would have lost 5.5 percent of its value so far this year as interest rates rose.