If I was younger, say 20 or 21 and had like $25K - $50K to invest, I'd probably go "riskier", like all emerging markets, small caps, and international.
Then, as my portfolio grew to $500K+, or market conditions changed (i.e. the dollar is actually worth something again), I'd switch it up to something more conservative.
Couple years ago I was 23 with a $350K portfolio. I put HUGE (think $200K) bets on google options back when the GOOG was climbing. But, my company was making $1M+ a year in profits so I guess it wouldn't have been the end of the world if I had some huge losses. But, boy did it feel good making $250K in one day. Ended up gaining about $100K that year (about 25%). But, it was all taxable at ordinary income rates, which were about 40% for me that year. Looking back now, I realize that I took huge risks and didn't really beat the market that much.
So now I've learned, and have 98% of my money in broad market, low cost ETFs.
Every once in a while it sure is fun though to buy some puts and calls ($10K nowadays) and relive the good 'ol days.
Sorry about the rambling....one to many beers.