Hey, as a financial advisor I represent that remark

The S&P 500 is not diversified enough. It does not have any Small and Mid Caps (which rocketed for two years), no international stocks (which also rocketed for 3 years), and no emerging markets (which also rocketed for 3 years). The US has not been the leader in the last 10 years.
So diversify with a Cobra, a Daytona, GT40, Ferrai, Porsche, BMW, Aston Martin, Jag, ......
