Clients started sending us their 401(k) statements and asking what was in them. We looked at a lot of them, and they’re all more or less the same: four sleeves that look like diversification and turn out to be one position held four ways. The international fund holds the chip makers. The private equity has gated. The bonds are the part that reprices everything else. And energy and materials come to about 4% each. Here’s what’s actually inside a standard retirement plan, and why we think you should go and look at your own.