G-Money wrote:From Four Pillars and Investor's Manifesto, his Taxable Ted and In-Between Ida portfolios mixed intermediate with short term bonds. His Sheltered Sam portfolio recommended the Vanguard TIPS fund, which is either intermediate or long-term, depending on your definition. Also, I have elsewhere come across his "no brainer" portfolio, whose sole bond holding is TBM.
There's a moving target out there and one size does not necessarily fit all in addressing it.
In recent weeks and months we've seen a shift in attitude and perspective coming from Mr. Bogle on a variety of issues.
Larry Swedroe altered his position vis-a-vis TIPS and has further cautioned against potential interest rate risk for bonds of intermediate duration (and above).
The same can be said of others who are widely respected and admired here. Does this constitute a change of horses midstream or is it merely rational and tactical decision making in light of the best information and data available?
"Stay the course" is a great slogan but where does it say that we only get one shot at getting it right and that we are wedded to that initial decision forevermore? Personally, I feel that any time I've refined my IPS over the years that I've been able to hone it just a little sharper each time, and more suitable for my current circumstances.
I guess I just don't think that Bill's saying that "this time is different". I think he's just trying to approach circumstances in a rational and prudent fashion given the tools available.