It looks like a very risky long term portfolio. They might live for another 40 years. Having it all invested in NZ is a risky strategy. What happens to expenses if the $NZ drops in half? You do not even have any exporters that would benefit from the fall. If China or USA sneeze, foot and mouth comes here, tourism drops,there is a big quake in Wellington or Rangi blows, fake milk and/or meat take off our economy would be very prone to tanking, taking the entire portfolio with it.The electricity companies are on super high PEs and paying high dividends by eating the future. Technological changes could threaten both the electricity companies and Z. Online shopping is already killing property companies overseas. Diversification isn't buying baked beans from three different companies