New Delhi, July 2 -- I am often surprised by the investment questions I get, even from otherwise knowledgeable individuals. Here is a sample: Is it better to invest in a PMS (portfolio management service) that invests in equity or an AIF (alternate investment fund) with a great derivatives strategy?; My advisor says equity mutual fund SIPs (systematic investment plans) are outdated and recommends a global gold ETF (exchange traded fund)-do you think?; Most of my investments are in an insurance policy-is that okay?; Should I invest a lump sum in a fixed-income mutual fund or SIP into an equity PMS?

There's a common misunderstanding inherent in these questions: confusing asset classes with investment vehicles. Investors often don't realize...