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"Level 3 Investing"

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My grandfather, who's something like my role model having retired comfortably after a life of living frugally as a union painter, gave me James B. Cloonan's "Investing at Level 3." I'm not sure if any folks are familiar with Cloonan or the American Association of Individual Investors, but I wanted your take. "Level 2" investing is about where our lovely podcast hosts would have all of us, level 3 investing differs because it points to the potential imbalance of regular index funds that disproportionately put money towards the large cap stocks that are part of the fund. He recommends "equal weighted fund" like EQAL and RSP. Another interesting idea he has is using margin as a hedge or emergency fund... but that's a bit complicated for me.

Anyone read it or read AAII? Thoughts?

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