After reading through the 'Indexing Sucks' thread, I was inspired to create a new thread, one which doesn't aim to prove the validity or superiority of index investing, but one that questions the index investing strategy on a global scale.
I strongly agree with indexing the S&P500 at the lowest-cost possible for the best exposure to US equity based on empirical data and research. However, I would never advise indexing the TSX for Canadian equity exposure. The TSX has terrible diversification, a horrible performance history, and has historically under-performed the S&P for decades. You are essentially investing in energy and financials in a very small geographical area. Unlike the S&P, it has been relatively easy to outperform the TSX, and with little financial analysis required.
Therefore, I pose the question: Ignoring the S&P500 and US equity, are you 100% indexed in your portfolio's allocation to foreign equity, real estate, small cap, etc.?