Lazy Portfolios

Paul Farrell at MarketWatch writes about so-called Lazy Portfolios (article)
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Follow these guidelines:

1. Asset allocation outperforms stock picking
2. Compounding builds long-term asset values
3. No-load index funds beat actively managed funds
4. Buy and hold, adding new money from savings
5. Market timing and active trading is a loser's game
6. Trust yourself, you're the expert, do-it-yourself
   

The simplest one listed in the article is the 2nd grade starter:
60% Vanguard Total Stock Market Index
30% Vanguard Total International Stock Index
10% Vanguard Total Bond Index

As always for the average person, one of the best ways to go is diversifying into age appropiate investments, and dollar cost averaging. It may not be exciting, but it is effective.