If the investor doesn't have enough time and skill to investigate individual stocks or enough money to diversify a portfolio, the right thing to do is to invest in exchange-traded funds that give you exposure to asset classes. It does make sense for the individual investor to think in terms of holding individual asset classes.
Meetings are the linchpin of everything. If someone says you have an hour to investigate a company, I wouldn't look at the balance sheet. I'd watch their executive team in a meeting for an hour. If they are clear and focused and have the board on the edge of their seats, I'd say this is a good company worth investing in.