Subject: Re: I am noodling on a major change to my portfolio.
"The conventional wisdom to shift to bonds, for example, is stupid advice."

I'm glad to see someone discussing this. Asset allocation is the biggest decision we make, bigger than individual security selection, and yet we get widely differing advice from skilled advisors. Bogle recommended a bond allocation equal to one's age. Target funds from Schwab, Vanguard and others give similar bond allocations. However Buffett recommends a 10% allocation to bonds. Is anyone aware of an academic study of optimal asset allocation?