Diversification is a sound investing principle that is employed to reduce overall portfolio risk. But diversification arises as well from another investing principle. Investing itself is a means to an end, e.g., providing capital for a home purchase, generating income in retirement, growing assets for a child’s or grandchild’s education. Most households pursue more than one end at any time. These diverse pursuits can bring different investing implications due to factors such as time horizon and tolerance for risk. A perspective of diversification’s dual role can provide investment implications.