The conventional approach to building portfolios of investments is inefficient. The usual hierarchy of investment decisions imposes constraints on active management which are, under most circumstances, unnecessary and produce mean-variance inefficient portfolios. We propose a new approach to portfolio design, which eliminates these harmful constraints. It is based on the concept of alpha portability, and also relies on an analogous idea, beta portability. We present our position both conceptually and mathematically, and we illustrate the benefit of our approach with numerical examples. Our analysis reveals that alpha independence and separation are necessary but insufficient conditions for mean-variance efficiency. These features must be combined with leverage to effect portability and achieve the best expected outcome.