The one thing that is amusing about the diversification into non North American markets is that over the last twenty or thirty years this has never worked. I have read over and over again that Japan is cheap on a relative basis and yet the returns are poor. Ditto the emerging market argument. Plus, don't most market pundits argue not to try and time the market as the game is really about time in the market? What about Buffet's argument that for the average not-very-knowledgable investor they are best served by using a low cost, like Vanguard SP 500 index fund? In Canada you can purchase thus fund with $C hedged. 

Also, aren't most markets are now highly correlated with the US market? Plus, when you review most of the large cap stocks in the SP 500 are you  not somewhat automatically invested globally by virtue of their revenue origination e.g. Apple, Microsoft, even Netflix earnings are all heavily influenced by their overseas earnings? 

Am I completely off base with these thoughts?