It depends how involved you want to be. Some people get satisfaction from maintaining a slice and dice portfolio. There are more than a few millionaires over at bogleheads that do a three fund portfolio. Total US equities/Total international equities, and the Total US bond market. Since you went through the 09 financial collapse, how did you feel when your account dropped by 50%? What if you had $1,000,000 and it went to $500,000? If either makes you sick to your stomach then it would be good to add some bonds. Maybe consider an allocation of 50/25/25 regarding the above assets. Seems like "set it and forget it" would fit your investing style and you would still be very successful. Best of luck.
I read the book a couple years ago and Bernstein was spot on with his prediction that the repeal of the Glass-Steagall Act would lead to big trouble. i.e. 2008-2009
Three fund portfolio millionaire is very comforting. Thank you.
My husband and I are researching bonds together and don't want to make any big changes until we really understand what we're doing and what the risks involved are. I'm prejudiced against bonds as I understand them right now--I don't get it, they lose value as interest rates rise; interest rates are historically low=who would buy bonds right now? But I think I'm overlooking/oversimplifying how bonds work (I don't perfectly understand them, and I REALLY don't perfectly understand the implications of bonds in a long term portfolio).
With my retirement money...I've always been really weird about it, temperamentally, in that once I put the money in there, I have this feeling like it no longer exists, and I don't care. I actually do check it a lot--looked at it a lot in 2008/09 when I was still in my twenties--but always more of a curiosity. I remember back then not understanding why people were freaking out, and continually thinking...wait, if I really understand the stock market, isn't this a good thing? Stocks are cheap right now, right? I actually bought more that year then I ever had.
Putting the money in the stock market is always a bit of a wrenching move, because once it's there, in my mind, it's completely gone. I know I've totally given up control over it, except as I do research and understand more about different asset classes. So anyway, I don't think there's a lot of risk of me freaking out and taking all my money out in the event of a crash (or a far scarier event of a 20 year bear market, which I know now is perfectly possible and must be part of the reason that bonds are a good idea).