In the current state of the market and with the current tax code, does the conventional wisdom still hold that you should stuff the tax-sheltered account with all the bonds it can hold and your AA requires? Or, for someone not enjoying the upper 1 or 2% of income, does it make better sense to simply put your best performing investments there? Does it matter whether the non-taxable account is a traditional one or a Roth? At the moment my Roth holds only an intermediate-term bond fund, and two-thirds of all the bonds I hold. My AA is 55/45.