My portfolio has only two funds: Total US Stock and Total US Bond. Anybody else do this? I was comforted that JL Collins blesses the idea of having a portfolio that doesn't include international stocks, but the real reason for me was availability of funds through my employer. I could invest in one of Vanguard's packaged "retirement path" funds, which does include international, but the fees are higher for those. The expense ratios of Total US Stock and Total US Bond, on the other hand, are pretty close to zero.