The OP who set the topic at hand says otherwise:bobcat2 wrote: The topic is not the allocation between stocks and bonds over time.
Investors who own target date funds and make regular contributions may unknowingly be overinvested in bonds relative to stocks over time. The theory behind target date funds is systematically shift the allocation from riskier stocks to conservative bonds over time. The problem with this approach for those who invest periodically is that the fund is stock-heavy in the early years when the investor has not accumulated much principal, and it is bond heavy in later years when the fund principal is larger. This results in a much higher dollar-weighted allocation to bonds than the investor may be aware of.
[OT comment removed by admin alex]