@Kaspian, even if bonds returned better 37% of the time, until I have enough money invested, what how much of a difference does it make? If i was investing 80/20 right from the start, when I get to my first 100k, I'd only have 20k in bonds. If bonds returned 10% more than stocks on the last year before 100k, it'd only be a 2k difference (excluding the drop in the equity price that is). I'll take my chances on the 63% of the time that equity did better in the last 14 years... and I don't see the future being the same as the last 14 years anyways. If it is, I hope it would be... everything would be cheaper for me to buy into