How to develop a portfolio that will let you sleep at night.

Byline: Jeff Brown

Now that President Bush has made it fashionable to confess to youthful indiscretions, I'll admit some of mine: a shameful flirtation with options trading in the `80s; some money-wasting day trades a few years later; an ill-advised two decades of landlording.

But having recently passed a major milestone in longevity (hint: I got one of the first draft-lottery numbers), I've opted for the simple, decent life _ financially, at least.

I've sworn off all those high-risk activities and put my savings into what I think of as a Sleep-at-Night Portfolio, composed almost entirely of index-style mutual funds; financed with automatic withdrawals from my paycheck and bank account.

With the basic, long-term strategy in place, there are few decisions to make _ or second-guess. Of course, it's not fun watching a portfolio shrink in a stock market downturn like today's. But I try to think …