Conservative allocation regrets

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rholt
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Conservative allocation regrets

Post by rholt »

Just curious if anyone is in the same boat.

I am 57 and have been investing with Vanguard for at least 25 years. For most of that period (including the last 15 years) I have settled on a 65% stock 35% bond portfolio. Also - I have consistently worked to ensure my stocks funds include at least 25% (and as much as 45%) international allocation.

I am content with where we stand. We have saved a lot - those savings have grown through our investments - and I am on track to a comfortable early retirement. But... I do wonder how much more money we would have if - say - I have kept our stock allocation higher - like 90% - and focused more on US equities. Hindsight is 20/20 - but that doesn't mean it is a mistake to contemplate what might have been.
jebmke
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Re: Conservative allocation regrets

Post by jebmke »

There is no known technology that will allow us to go back and change prior decisions so I do my best to avoid dwelling on them except to the extent that I might learn something that affects my future.

We intentionally set our ER allocation quite conservative for specific reasons. There is no question that we "left money on the table" but I have zero regrets. We have more than enough to get us into the ground without compromising our desired lifestyle or happiness. That's all that I care about.

On the other hand, I'm still irritated that Henderson tried to stretch an easy stand-up double into a triple the other night against Oakland and cost the O's a run -- and may have changed the trajectory of the game.
When you discover that you are riding a dead horse, the best strategy is to dismount.
RadAudit
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Re: Conservative allocation regrets

Post by RadAudit »

rholt wrote: Mon Jul 08, 2024 10:19 am Hindsight is 20/20 - but that doesn't mean it is a mistake to contemplate what might have been.
Well, actually it is. Some say comparison is the thief of joy. Comparison against what might have been under various conditions will drive you nuts. If you are happy with what you have and are on track to where you wanted to be, be satisfied with what you have. Stay the course.
FI is the best revenge. LBYM. Invest the rest. Stay the course. Die anyway. - PS: The cavalry isn't coming, kids. You are on your own.
Johm221122
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Re: Conservative allocation regrets

Post by Johm221122 »

I also have no regrets and actually for a long period your portfolio did better than just Large cap US (remember 2000 to 2010)

The question for me is the future. I choose diversification because I don't know what is going to happen
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climber2020
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Re: Conservative allocation regrets

Post by climber2020 »

rholt wrote: Mon Jul 08, 2024 10:19 am But... I do wonder how much more money we would have if - say - I have kept our stock allocation higher - like 90% - and focused more on US equities
If your bonds saved you from making just a single ill-timed dumping of stocks at a market bottom then it was worth the reduced returns.
Claudia Whitten
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Re: Conservative allocation regrets

Post by Claudia Whitten »

rholt wrote: Mon Jul 08, 2024 10:19 am I am 57 and have been investing with Vanguard for at least 25 years. For most of that period (including the last 15 years) I have settled on a 65% stock 35% bond portfolio. Also - I have consistently worked to ensure my stocks funds include at least 25% (and as much as 45%) international allocation.
That's not conservative for your age. Stop worrying and go live your life. If you need more money, make more money. Aim for average in the market. Make sure you have an emergency fund.
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Watty
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Re: Conservative allocation regrets

Post by Watty »

rholt wrote: Mon Jul 08, 2024 10:19 am But... I do wonder how much more money we would have if - say - I have kept our stock allocation higher - like 90% - and focused more on US equities.
The S&P went from less than 1,000 during the 2008 financial crisis to over 5,500 today.

That could not have been predicted so while 100% stocks, or ever double or triple leveraged ETFs would have worked out fantastically that does not mean that you made the wrong choice.

You could also look back and regret that you did not put all your money into bitcoin, NVidia, coastal housing, etc but those were not good appropriate choices in the past either.
KlangFool
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Re: Conservative allocation regrets

Post by KlangFool »

rholt wrote: Mon Jul 08, 2024 10:19 am Just curious if anyone is in the same boat.

I am 57 and have been investing with Vanguard for at least 25 years. For most of that period (including the last 15 years) I have settled on a 65% stock 35% bond portfolio. Also - I have consistently worked to ensure my stocks funds include at least 25% (and as much as 45%) international allocation.

I am content with where we stand. We have saved a lot - those savings have grown through our investments - and I am on track to a comfortable early retirement. But... I do wonder how much more money we would have if - say - I have kept our stock allocation higher - like 90% - and focused more on US equities. Hindsight is 20/20 - but that doesn't mean it is a mistake to contemplate what might have been.
Then, you will be very happy in the coming recession when the 100% US stock folks complaining about their losses. You will wonder how much money you would had lost,

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rkhusky
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Re: Conservative allocation regrets

Post by rkhusky »

Claudia Whitten wrote: Mon Jul 08, 2024 10:31 am
rholt wrote: Mon Jul 08, 2024 10:19 am I am 57 and have been investing with Vanguard for at least 25 years. For most of that period (including the last 15 years) I have settled on a 65% stock 35% bond portfolio. Also - I have consistently worked to ensure my stocks funds include at least 25% (and as much as 45%) international allocation.
That's not conservative for your age. Stop worrying and go live your life. If you need more money, make more money. Aim for average in the market. Make sure you have an emergency fund.
+1
I was 40/60 at that age, and still am, and still happy with it.
KlangFool
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Re: Conservative allocation regrets

Post by KlangFool »

OP,

I lost 50% of my portfolio in the Telecom bust by 100% stock and gambling on individual Telecom stocks. I learnt my lesson.

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steadyosmosis
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Re: Conservative allocation regrets

Post by steadyosmosis »

FOMO is a peace-robber.
Age < 59.5 | Early retired | AA 50/50 | Taxable=100% VTI | Roth IRA=52% SCHB, 38% SCHF, 10% SGOV | tIRA=63% TIPS, 37% SGOV | HSA=94% VITSX, 6% cash | Checking acct=few hundred $ for curr-mth bills.
prairieman
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Re: Conservative allocation regrets

Post by prairieman »

When I start feeling this way, I go back and look at historical charts for S&P 500 returns. We've averaged 13% returns beginning in 2009, but annual gains for the decade ending 2008 averaged -1%. We've been lucky to live through a period of long term gains but periods of long term stagnation and losses are historically common, too.
Last edited by prairieman on Mon Jul 08, 2024 10:40 am, edited 1 time in total.
Fclevz
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Re: Conservative allocation regrets

Post by Fclevz »

Larry Swedroe's best advice:
Don't confuse strategy with outcome.
rockstar
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Re: Conservative allocation regrets

Post by rockstar »

I would have a much higher portfolio balance if I stuck with indexing from the beginning. But I started investing in 2000, so every investment went down when I started. It burnt me and lead me to make a lot of stupid investments.
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Vulcan
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Re: Conservative allocation regrets

Post by Vulcan »

Don't confuse strategy with outcome.

ETA: late by seconds :)
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NashTransplant
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Re: Conservative allocation regrets

Post by NashTransplant »

You may be really happy with that allocation over the next few years, who's to say? You can't get it perfect, and your allocation likely prevented you from panicking a couple of times (2008-10 and 2020) so it's impossible to run the counter-factual.

You can get major FOMO from looking at a bunch of strategies that you probably don't want. We all could have bought bitcoin at 1k, but do you have any confidence it's going to be a good investment over the next decade?
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Re: Conservative allocation regrets

Post by hoops777 »

I am ultra conservative and it does irritate me when I think about what might have been.
However, I also think about what might have been if things weren’t so great for stocks.
I am very thankful for what we have and a calm peace of mind knowing I don’t have to worry.
You make a choice and live with the total unpredictable nature of the next year, 5 years, 10 years.
I am wondering why 65% at your age is considered conservative by you.
The endless run up of stocks has created a lot of very rich and happy people.
I think it has also created an exuberance that may cause some painful lessons in the other direction. I guess we will find out.
Last edited by hoops777 on Mon Jul 08, 2024 10:49 am, edited 1 time in total.
K.I.S.S........so easy to say so difficult to do.
Target2019
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Re: Conservative allocation regrets

Post by Target2019 »

rholt wrote: Mon Jul 08, 2024 10:19 am Just curious if anyone is in the same boat.

I am 57 and have been investing with Vanguard for at least 25 years. For most of that period (including the last 15 years) I have settled on a 65% stock 35% bond portfolio. Also - I have consistently worked to ensure my stocks funds include at least 25% (and as much as 45%) international allocation.

I am content with where we stand. We have saved a lot - those savings have grown through our investments - and I am on track to a comfortable early retirement. But... I do wonder how much more money we would have if - say - I have kept our stock allocation higher - like 90% - and focused more on US equities. Hindsight is 20/20 - but that doesn't mean it is a mistake to contemplate what might have been.
Mitigation for this thinking might be to take action each week and purchase 1 lottery ticket. Quite a long shot, but there is a chance you'll catch up to what might have been.
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Re: Conservative allocation regrets

Post by jebmke »

Target2019 wrote: Mon Jul 08, 2024 10:49 am itigation for this thinking might be to take action each week and purchase 1 lottery ticket.
or change lanes in heavy traffic. That always teaches me a lesson.
When you discover that you are riding a dead horse, the best strategy is to dismount.
LiterallyIronic
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Re: Conservative allocation regrets

Post by LiterallyIronic »

rholt wrote: Mon Jul 08, 2024 10:19 am Hindsight is 20/20 - but that doesn't mean it is a mistake to contemplate what might have been.
I don't know whether or not it's a mistake to contemplate the past, but I do know that your past decision were not a mistake if you made the best decision with the information available at the time.
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Re: Conservative allocation regrets

Post by Wannaretireearly »

I’ve gotten used to seeing some parts of the portfolio up and down daily. Tells me things are somewhat balanced. I do have some regret not being more in large cap, but that ship has sailed.

It’s just not gonna matter much given most of us are multi millionaires. The tangible difference is minimal to our life’s based on these choices. We are so lucky to live in a time to accumulate like this.

Nit picking just makes us unhappy, and more importantly, you can’t change the past or predict the future.
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goingup
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Re: Conservative allocation regrets

Post by goingup »

I understand your thought process, but I just can't allow myself to ruminate about what might have been. It's too disruptive and nonproductive. We have a similar AA, though consistently 20% international, and an overweighting of small cap. Frankly, I am gob-smacked at the compounded portfolio growth. I really try to live in the "amazed, grateful, humbled" head space. The "what might have been" thoughts take all the fun out of everything. :D

Further, there have been many times in the last 25 years that I've been very happy to have a big slug of cash and bonds. Being 90% equity wouldn't have suited us. Would it have worked for you?
Claudia Whitten
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Re: Conservative allocation regrets

Post by Claudia Whitten »

hoops777 wrote: Mon Jul 08, 2024 10:48 am I am ultra conservative and it does irritate me when I think about what might have been.
What might have been if what? If you had been someone who you are not, with different decisions, emotional makeup, and risk tolerance? Then that wouldn't be you, would it? Wondering about what might have been is really a futile exercise focused on one specific aspect of life, or one decision, and forgetting that the road not taken earlier in life would have resulted in all kinds of experiences and consequences that may or may not have been good. (Watch the movie Butterfly Effect.) Heck, one of those consequences might have resulted in your being dead right now. So if you're not dead right now, congratulations. The person you used to be is the one who got you this far, safely.
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Re: Conservative allocation regrets

Post by meadowrue »

Claudia Whitten wrote: Mon Jul 08, 2024 12:54 pm
hoops777 wrote: Mon Jul 08, 2024 10:48 am I am ultra conservative and it does irritate me when I think about what might have been.
What might have been if what? If you had been someone who you are not, with different decisions, emotional makeup, and risk tolerance? Then that wouldn't be you, would it? Wondering about what might have been is really a futile exercise focused on one specific aspect of life, or one decision, and forgetting that the road not taken earlier in life would have resulted in all kinds of experiences and consequences that may or may not have been good. (Watch the movie Butterfly Effect.) Heck, one of those consequences might have resulted in your being dead right now. So if you're not dead right now, congratulations. The person you used to be is the one who got you this far, safely.
Fantastic comment. I will refer back to this one any time I let feelings of regret cloud my better judgment. Daniel Pink’s book The Power of Regret is worth a read.
“We must free ourselves of the hope that the sea will ever rest. We must learn to sail in high winds.”—Aristotle Onassis
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Re: Conservative allocation regrets

Post by jebmke »

Claudia Whitten wrote: Mon Jul 08, 2024 12:54 pm
hoops777 wrote: Mon Jul 08, 2024 10:48 am I am ultra conservative and it does irritate me when I think about what might have been.
What might have been if what? If you had been someone who you are not, with different decisions, emotional makeup, and risk tolerance? Then that wouldn't be you, would it? Wondering about what might have been is really a futile exercise focused on one specific aspect of life, or one decision, and forgetting that the road not taken earlier in life would have resulted in all kinds of experiences and consequences that may or may not have been good. (Watch the movie Butterfly Effect.) Heck, one of those consequences might have resulted in your being dead right now. So if you're not dead right now, congratulations. The person you used to be is the one who got you this far, safely.
I was thinking about this earlier. Recalling a guy who was a regular at my Taxaide site. I first met him as a retired long haul trucker and did his taxes for a couple of years. Then he came in with a significant 1099-R for an IRA withdrawal and a W-2 from a trucking company. I asked him what changed (standard question) and he said his son became addicted to opioids and he needed to pay for rehab so had to go back to work. When I said I was sorry to hear that he said "no regrets - I'd do it again in an instant. My old company gave me some plumb routes and I am home most nights. I should be able to recover the money in 3-4 years .... we'll be fine."
When you discover that you are riding a dead horse, the best strategy is to dismount.
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Re: Conservative allocation regrets

Post by WhiteMaxima »

KlangFool wrote: Mon Jul 08, 2024 10:35 am OP,

I lost 50% of my portfolio in the Telecom bust by 100% stock and gambling on individual Telecom stocks. I learnt my lesson.

KlangFool
I lost 100% on MCI WorldCom Stock.
Jeepergeo
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Re: Conservative allocation regrets

Post by Jeepergeo »

jebmke wrote: Mon Jul 08, 2024 1:16 pm
Claudia Whitten wrote: Mon Jul 08, 2024 12:54 pm
hoops777 wrote: Mon Jul 08, 2024 10:48 am I am ultra conservative and it does irritate me when I think about what might have been.
What might have been if what? If you had been someone who you are not, with different decisions, emotional makeup, and risk tolerance? Then that wouldn't be you, would it? Wondering about what might have been is really a futile exercise focused on one specific aspect of life, or one decision, and forgetting that the road not taken earlier in life would have resulted in all kinds of experiences and consequences that may or may not have been good. (Watch the movie Butterfly Effect.) Heck, one of those consequences might have resulted in your being dead right now. So if you're not dead right now, congratulations. The person you used to be is the one who got you this far, safely.
I was thinking about this earlier. Recalling a guy who was a regular at my Taxaide site. I first met him as a retired long haul trucker and did his taxes for a couple of years. Then he came in with a significant 1099-R for an IRA withdrawal and a W-2 from a trucking company. I asked him what changed (standard question) and he said his son became addicted to opioids and he needed to pay for rehab so had to go back to work. When I said I was sorry to hear that he said "no regrets - I'd do it again in an instant. My old company gave me some plumb routes and I am home most nights. I should be able to recover the money in 3-4 years .... we'll be fine."
The example shows the power of optimism, and optimism is forward looking. Learning from the past is good and healthy, whereas dwelling on the past can lead to unhappiness.
Thales
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Re: Conservative allocation regrets

Post by Thales »

Bonds are the new equities.

Pay attention at the back.
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StevieG72
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Re: Conservative allocation regrets

Post by StevieG72 »

My asset allocation has changed greatly over the last 10 + years of investing. I was at 60/40 for a while but felt I was missing out on gains. I think I am around 90/10 now at 52 years old. When the market drops I don’t get spooked, but instead see it as a buying opportunity.

There is no use looking back and doing coulda, shoulda, woulda. That ship has sailed! Just make sure you are on track and can handle any volatility of you decide to be more aggressive with your portfolio. You have to ride out a few market downturns to really dial in your capacity for risk. Of course you may not have the need for taking on more risk, so that should be considered too.

Best of luck!
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id0ntkn0wjack
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Re: Conservative allocation regrets

Post by id0ntkn0wjack »

rholt wrote: Mon Jul 08, 2024 10:19 am Hindsight is 20/20 - but that doesn't mean it is a mistake to contemplate what might have been.
Sure it is. You can't change the past and past performance is not an indicator of future returns. So, what positive outcome can come from this contemplation?
gavinsiu
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Re: Conservative allocation regrets

Post by gavinsiu »

You can easily backtest using portfolio visualizer but contemplating of this sort is not productive. Hindsight is 20/20. Instead of investing in total stock market, I should have invested in 100% apple stock! Be thankful that you managed to achieve your goal, having more is just being greedy.
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firebirdparts
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Re: Conservative allocation regrets

Post by firebirdparts »

I have nothing truly helpful.

It's possible that a person might get sucked in to having a conservative allocation for the wrong reasons. On the other hand, it's possible that after a fabulous sequence of returns, such as the sequence we've had, even a very very fearful, pessimistic, and properly conservative person might wish for a time machine. Both those things are true.

The first one, we can do something about, but make sure you're right. We've had ample discussion on here about how much to allocate to stocks. You don't have to have the same AA as others, but you do have to have one that's okay for you.
This time is the same
iim7V7IM7
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Re: Conservative allocation regrets

Post by iim7V7IM7 »

Very happily a conservative investor nearing the transition from accumulation nearing retirement.

In the 1980s, I stayed the course through the 1987 Black Monday. We started adding fixed income to our portfolios at age 40, adding 20% fixed income to our retirement portfolios just in time to experience the dot com crash of 2000-2002 and later the 2008-2009 financial crisis. At age 50 we added another 10% of fixed income (70/30 portfolio) and in our late 50s navigated through the 2020 Covid pandemic drop. At age 60, we moved to 60/40 portfolio and began to trim our equity allocation during our last 5-years prior to retirement (experiencing the delights of 2023). Now, at age 63 looking at retirement about 3 years out, we are happy with a 50/50 portfolio.

Have we academically left some money on the table? Almost assuredly. That said, we have successfully behaviorally stayed the course across 40 years of accumulation investing through four major equity market perturbations and we are well in place to being in a position to retire. Would we have stayed the course with a higher equity allocation? Perhaps. I am comfortable in our path.
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Re: Conservative allocation regrets

Post by bikeeagle1 »

Watty wrote: Mon Jul 08, 2024 10:33 am
rholt wrote: Mon Jul 08, 2024 10:19 am But... I do wonder how much more money we would have if - say - I have kept our stock allocation higher - like 90% - and focused more on US equities.
The S&P went from less than 1,000 during the 2008 financial crisis to over 5,500 today.

That could not have been predicted so while 100% stocks, or ever double or triple leveraged ETFs would have worked out fantastically that does not mean that you made the wrong choice.

You could also look back and regret that you did not put all your money into bitcoin, NVidia, coastal housing, etc but those were not good appropriate choices in the past either.
And who knows, it could see 1,000 again before it sees 10,000. If that happens, you'll be happy to be less exposed.
chinchin
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Re: Conservative allocation regrets

Post by chinchin »

You might have panic sold due to higher volatility.
not financial advice
Gardener
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Re: Conservative allocation regrets

Post by Gardener »

You decided on a somewhat conservative allocation.

Yes, you sacrificed some return.

But, don’t forget what you gained over several decades. Evidently, it increased your peace of mind. That’s not a small thing. Don’t discount that.

Everything in life is a trade off.
faanger101
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Re: Conservative allocation regrets

Post by faanger101 »

rholt wrote: Mon Jul 08, 2024 10:19 am But... I do wonder how much more money we would have if - say - I have kept our stock allocation higher - like 90% - and focused more on US equities[/b].
Now calculate how much you could make by investing in bitcoin or tesla options, and lose the sleep forever :sharebeer
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Re: Conservative allocation regrets

Post by Dottie57 »

RadAudit wrote: Mon Jul 08, 2024 10:27 am
rholt wrote: Mon Jul 08, 2024 10:19 am Hindsight is 20/20 - but that doesn't mean it is a mistake to contemplate what might have been.
Well, actually it is. Some say comparison is the thief of joy. Comparison against what might have been under various conditions will drive you nuts. If you are happy with what you have and are on track to where you wanted to be, be satisfied with what you have. Stay the course.
This.

My dad told me to always look forward never backward.. You make the best decision you can at the time. If it doesn’t work out learn from it.

I have about a 60/40 asset allocation. It worked diring the Great Recession - didn’t bail. I am grateful for the fast recovery and the opportunity to buy stocks at a cheaper price.
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TomatoTomahto
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Re: Conservative allocation regrets

Post by TomatoTomahto »

Not meaning to be nasty, honestly, but coulda, woulda, shoulda is a silly game.
I get the FI part but not the RE part of FIRE.
sambb
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Re: Conservative allocation regrets

Post by sambb »

Agree with the OP. Bonds are touted as low risk. It’s not true - the more bonds you have the HIGHER risk of not making your final retirement number. Stocks are lower risk over the long term not bonds. If you define risk as being in an allocation that won’t get you to your number or get you retired.

There are some nice threads that show that conservative allocations result in lower return . Sure stocks might not move for 20 years like Japan or China or the 70s in the USA but in most cases a higher equity allocation results in better returns and hence it is lower risk to your financial future.

At least you weren’t 50/50
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Re: Conservative allocation regrets

Post by vtMaps »

There is a school of thought that says your first savings should go into conservative investments. When your emergency fund, SS/pension and retirement savings are enough to create an income floor, then you begin investing in equities. Thus, you start out conservative and become more aggressive with age as your equities catch up with and then surpass your conservative investments.

I followed that path. If I had been more aggressive at an earlier age I would be wealthier now. On the other hand, I have enough and the longer I live the wealthier I become. My conservative investments were/are mostly TIAA traditional. It paid 3% when interest rates were near zero, and it lost no principal when rates increased. If I have any regrets, its that I didn't discover bogleheads at an earlier age (my first equities were Fidelity's Magellan fund in a workplace plan in the 90's).

--vtMaps
"Truly, whoever can make you believe absurdities can make you commit atrocities" --Voltaire, as translated by Norman Lewis Torrey
Normchad
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Re: Conservative allocation regrets

Post by Normchad »

I feel you brother…….

I don’t think young people should ever hold bonds. I didn’t start buying them until I was ten years from retirement. And that’s my advice to my kid.

You also had international. I don’t think makes you conservative, or “not conservative”. It just happened to turn out to be a stinker.

Don’t beat yourself up. You still did well. And your future looks great. Be grateful fur that.

We can all look at where we are, and imagine a small handful of decisions that would have 10x our wealth. I try not to sweat that.
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Re: Conservative allocation regrets

Post by yougotitdude »

Let's say covid really was worse than it was. Buffett was actually concerned with a possible 2nd Great Depression at the time. Would you be saying "why wasn't I 20% stock??" then if that was the case?
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Re: Conservative allocation regrets

Post by lazynovice »

We are the same. We were “age in bonds” for a long time and then moved to roughly 65/35 for many years with an emergency fund too. We were more conservative when our portfolio was smaller is the way I look at it. You aren’t much older than us, but age in bonds was not unusual advice in the 1990s. I remember when I first started reading about retirees needing to keep stocks.

I think we look back with some regret about being too conservative but neither of us came from families where investing was a thing. We did the best we could (guided by this forum) and were lucky to be able to earn our way past a conservative allocation.
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Chv396
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Re: Conservative allocation regrets

Post by Chv396 »

Early in my investing journey, I regularly & foolishly tinkered & tweaked my allocations based on market sentiments and my moods. Went aggressive, moderate, balanced, etc.

Took losses along the way (during 1999/2000 for example.) I’m grateful for what I was able to gain via long term investing and realize it could have been much worse, had my emotions and impulses gotten the better of me during all my years in investing.
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johnegonpdx
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Re: Conservative allocation regrets

Post by johnegonpdx »

Focus on the decisions you can make. Regrets are emotions, and have questionable value unless tempered with logic, relevant and unbiased data.
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mmse
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Re: Conservative allocation regrets

Post by mmse »

rholt wrote: Mon Jul 08, 2024 10:19 am But... I do wonder how much more money we would have if - say - I have kept our stock allocation higher - like 90% - and focused more on US equities. Hindsight is 20/20 - but that doesn't mean it is a mistake to contemplate what might have been.
This same logic could be applied to insurance, no? Do you also regret carrying insurance coverage?
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arcticpineapplecorp.
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Re: Conservative allocation regrets

Post by arcticpineapplecorp. »

Normchad wrote: Tue Jul 09, 2024 7:28 pm I feel you brother…….

I don’t think young people should ever hold bonds. I didn’t start buying them until I was ten years from retirement. And that’s my advice to my kid.
i don't think there's one allocation for one age, i.e., young people should NEVER hold bonds.

there were stories of millenials bailing on stocks in 2008 because they had never experienced losses (of that size or any size) and a lot of discussions and even a post by Rick Ferri describing The Flight Path Approach to Age Based Allocation which stated that for some people it would be better to start out conservative to get some experience with losses and recovering from them, and then get more aggressive as they gained confidence with how volatility and their response to that works for them.

i rarely think there's any one fits all strategy.

you can say Mark Zuckerberg could have ONLY held bonds after he won the game taking Facebook public...at 23 years old. Should he have not held bonds just because he was young?

the right allocation is the one you can stick with through thick and thin, regardless of your age.
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