@catch22, you caught the spirit of my scribbles.
Hulbert may have had excellent advice. But it's behind a paywall. So I stumble along in ignorance with a certain amount of mule-headed, and juvenile, insouciance. ;>)
The way the market has been these past 12 months, I am disinclined to sell any part of the few winners in my IRA. And I'm not sure which of the losers I want more of.
Over the years I have harvested some tax losses in the taxable account if I am no longer interested in the thesis behind the fund. Other than that, I just let things ride. I'm too lazy to generate taxable events just to push money around to squeeze out one ounce more of return.
As for those bonds (Heavens. They're tasty. And expeditious.) I might go crazy with a floating rate treasury (TFLO or USFR) for some of the cash in my IRA.
I'm in the higher for longer camp. Watching the price of celery and iceberg lettuce here in Arizona, I think the Fed is more likely to continue raising rates than it is to bail out Wall Street with rate cuts. So I'm not interested in anything with a duration much longer than the life span of a mayfly.

WSJ Story: ”Liquor Brands Bet Thrifty Drinkers Will Keep Making At-Home Cocktails”
”Many Americans took to mixing cocktails at home during the pandemic, boosting liquor sales. Now, with inflation squeezing disposable incomes, big distillers are betting on another round of home drinking as consumers economize. Historically, around 80% of all U.S. alcoholic drinks sales were for home drinking, according to IWSR, a drinks market-research firm. That level rose to 90% during the pandemic, and sales at bars aren’t likely to return to pre-Covid levels for another four to five years, IWSR says. To capitalize, spirits brands are doubling down on efforts they started during the pandemic to meet drinkers where they are, launching new products and marketing campaigns catering to at-home drinking and putting greater emphasis on their e-commerce channels.”
(From “Business and Finance” - WSJ - 1/9/2023)
To each his own. But I’ll never understand ruining perfectly good whisky by dumping other stuff into it.

Hi @WABAC
I enjoyed your open thinking pondering about re-balancing.
I flash back to very early days and a type of re-balancing that likely carried over to be a new, young investor. Although being 'older' and with much more experience doesn't necessarily cause one to ponder less, the so-called, re-balance.
The youth years found me in a rural setting. Some of those in my age group were associated with farming. My family was not; but I had buddies' families who were. Which brings me to hay mounds and the near by creek.
--- Hay mounds: A friends uncle and grandpa had a medium sized working farm. We were allowed to play in the big barn. Each end of the barn had hay or straw bales stacked high, with the center being open. We used a large barn rope hung from the inner peak of the roof to swing (Tarzan style) from hay loft to hay loft. Testing one another's skills at various sections, as the bales were not always equal in location, versus the other side. Swinging back to the other side wasn't always the same circumstance.
---Jumping the creek: The creek was 8 feet at the widest, but some sections were only 3 feet wide during a dry summer season. The creek was surrounded by a forest of mature trees, young trees and dead trees. We'd find a dead, but strong tree limb of the right size and use it to kinda 'pole vault' to the other side. We'd often discovered the smooth, tapered bank on one side was a steep bank on the other side; and at times we couldn't find a suitable vaulting stick if the original fell into the creek while 'crossing'. Crossing back wasn't always the same proposition.
Both of the above caused a type of re-balance, a change of mode of operation, at least in my mind; to get back to the other side. Substituted today for a bond to equity, or an equity to bond move. Or perhaps the neutral zone of cash....but still a move and an investment.
The point being, at that young age, is that I unknowingly was learning a form of re-balancing that would eventually apply to investing.
The 'when you sell, what are you going to do with the money now'? What's your next move, dude?
Anyhoo......a fun example I still recall from youth. The learning process.
We don't have a re-balance schedule. The portfolio re-balance occurs merely from a given buy or sell. We generally lean towards at least a 5% move in order to be a meaningful amount to impact the portfolio; and we don't shuffle the money often.

Story (Originally published in the WSJ) -
The overseer of one of the largest public pension funds in the US is demanding an explanation from crisis-hit Southwest Airlines — New York State Comptroller Thomas DiNapoli wants to know how the carrier plans to prevent another operational meltdown that caused the recent holiday travel chaos. "Clearly this crisis has resulted in profound customer dissatisfaction and is expected to generate significant costs to the company," DiNapoli told Southwest CEO Bob Jordan in a January 6 letter seen by Insider. The Wall Street Journal first reported the news on Monday.
In the letter, DiNapoli also asked the carrier how it plans to "correct these failures - not just in the immediate term, but for the coming years."The New York state pension fund is one of the top-100 largest investors in Southwest. As of September 30, it held $17.6 million worth of Southwest stock, or about 0.1% of outstanding shares, according to Refinitiv data. The comptroller's office oversees the fund.
Source of Above Excerpt & Story
Major Holders of LUV - including mutual funds
LUV Market Cap $21.5 Billion - Interesting that LUV Is held in some “Mid Cap” mutual funds. Generally, at over $10 Billion market cap, it would be considered a large cap stock.

@hank, @LewisBraham - Do you think those redemptions from TRBCX are attributable to poor fund performance the last 2 years or possibly a rotation into the value area of the market? Merely curious.

Because it will gradually matter more and more to the investment landscape no matter what the climate science deniers think:
https://amp.cnn.com/cnn/2023/01/10/world/eight-warmest-years-climate-copernicus-intl/index.html
https://nytimes.com/interactive/2023/climate/earth-hottest-years.html
It has for instance huge implications for the insurance industry, for the food industry, real estate, the military, textiles, globalization, shipping, tech waste and power consumption, and of course fossil fuels. There will be economic winners and losers here, and of course a number of species will go extinct. Some already have. Given the conversations we’ve been having about asset classes, a forward looking analyst of them will have to take the shifting climate into account, and how it might impact the expected performance of each asset class over the next fifty years instead of just taking how they did in the last fifty as gospel.

@hank I agree with the benefits of diversification between these asset classes and their different performance characteristics. Rebalancing can also enforce a certain value discipline as you state. I disagree with the notion that equal weighting these asset classes will produce optimal results or necessarily even good results in the next fifty years simply because it has in the last fifty years.
These back-tested rules based systems lack nuance and a failure to acknowledge that the future is different from the past. Worse, I think the promoters of these rules-based systems can have ulterior motives. They may want to create investment products off them that a simple algorithm can run for 0.05% while charging 0.50% to ETF investors in a world that has devalued active management.
In many ways I think the asset allocation decision requires more nuance and is more important than individual security selection. An active manager who is thinking seriously about how long-term economic, geopolitical, environmental and market trends are shifting in 2023 can add value where the one who is only looking backward to 1973 through 2023 may not.
The problem I admit is most active managers are not adequately equipped to make that kind of macro forward-looking analysis of asset classes. And worse, some are also drawn to short- lived trends that help gather assets instead of produce good results. Crypto as an asset class comes to mind. So I can see how the AANA strategy has a certain appeal and, I think, a dangerous simplicity to it.

Think this post is supposed to be joke!

Yes @Sven. My post of the classic Geiko caveman commercial was supposed to be a joke. It was meant as a play on the writer’s emphasis on simplicity - “AANA is amazingly simple.”
I was also alluding to what @sma3 noted earlier - also in jest … I have seen several other “simple portfolios” proposed. But if we used them, MFO would collapse!
It’’s widely acknowledged that trading in and out of assets frequently damages portfolios more often than it helps. So from that perspective, these simple portfolios are good approaches in that they help you stay the course. All of the assets included in AANA A do rise in value over time (as measured in multi-decades) due to the corrosive effects of inflation on paper currencies. You would have made money in nominal terms over 50 years with gold, real estate, the S&P 500 and the other components. Rebalancing smooths the ride and hopefully keeps the investor from panicking and selling an asset when it is down. To the contrary, it forces you to sell some of your “winners” and buy more of your “losers” (counterintuitive for many).

I think using your existing ROTH IRA is the way to go because of the 5-year rule withdrawal. If you open a new account, you have to wait 5-years before penalty free withdrawal; your existing Roth IRA is likely older, and get you sooner to penalty free withdrawal (if you ever need a withdrawal).
Hope others will comment, but that's my understanding. In my Fidelity Roth 401(k), I like how Fidelity showed "First Roth Contribution Year" and "First year of withdrawal without penalty *" ------ "*" is for 59 1/2 penalty free withdrawal, so if you are over 59 1/2, then it doesn't really matter.

Thank you. They are very good funds going into 2023.
As for the bonds, 2023 may present better chance to gain 5%+ gain now that most of the rate hike are likely behind us now. Few smaller hikes are likely this year. And the yields are considerable more attractive comparing to the recent years.
Since there is a possibility of a recession, value funds are preferred unless those that have better risk profile their benchmarks in last year’s drawdown.

@TheShadow Yea, I almost put a chunk of money into one of those NFCU 5%s today. Went as far as to login and start the transfer. I bailed remembering previous high percent teasers followed by lower than PenFed type rates when the short period was over. Maybe tomorrow with half the money I was ready to send today. Really wish, after more than 70 years, I could break that procrastinator personality.

Possibly we’ve been all wrong here over the years with all the deep mutual fund analysis, the “What are you Buying and Selling?” threads - all those damn sophisticated charts and what not.

We can have turmoil and crisis but if it will not last for months-years, the global financial system will collapse. If you can't trust MM in Vanguard, Fidelity and Schwab we have a bigger problem. A real crisis would lead to big stock+bond decline, and shutting down trade. We had already
www.investopedia.com/articles/economics/09/money-market-reserve-fund-meltdown.asp
The most important, what should you do now? I don't see any good solution and the ones you think are good, may hurt you even more.
But, if you insist on being afraid, maybe you should buy gold and fill your basement, or maybe you can build an underground stand alone bunker and get all the power from the sun + fill the bunker with food and guns.
It makes me smile when investors worry about something with low chance of happening, AKA, shut down the global financial system...
But, have no problem holding to stocks and losing 20+% at the bottom, or when bonds lose over 10%...all happened in 2022.

Why are you not buying broker CD/Treasury? Fidelity treasuries pays 4.8% for 6 months (https://fixedincome.fidelity.com/ftgw/fi/FILanding) and you don't pay state tax.
Can I trade back and forth with CD/Treasury? it's inconvenienced.
Can I buy several hundreds thousands of I-bonds? I can't.
This is why I use MM and trade anytime I want.
Do I want to own ST vehicles after bonds had one of the worse years in decades in 2022? Absolutely not. I said already in Nov 2022 that bond funds have a good chance to make 10+% and many of them, several % more.
I basically see bond funds as more of a sure thing in 2023 than stocks + much lower volatility.

@Staycalm
Useful philosophical musings, but I have rarely seen concern for fairness in any policy making. There are many examples on both the right and the left. Lefties point to the tax structure etc but my favorite still has is the outrageous health insurance benefits (in CT work for the state for ten years, then quit and you still get lifetime health insurance!), retirement funds ( top 3 year average including overtime determines defined benefit) and high salaries a lot of state Government union workers continue to get, just for signing up ( and keeping) a job.
More to your point and what would happen in a default: I expect the reaction worldwide to an actual default would be so extreme that there would be little thought given to prioritizing in the days ahead who got paid with what was left.
After the Dow etc. drops 10000 to 15000 points overnight, ( and Gold goes to $5000 ) the debt ceiling will quickly be passed. Any legislator who votes against it will likely be run out of town.
@fred495
To take maximum advantage of the possibility, I would buy Treasuries and Gold, but be prepared to trade into stocks quickly. Other commodities necessary for survival will probably also skyrocket, although since most are priced in Dollars, hard to tell.
I don't think accumulating a month's worth of expenses in dollar bills is a bad idea either, or stocking up on canned goods and booze. I will certainly fill up my gas tank. ATMs and credit cards will probably not work very well.

I seems to me, although I haven’t looked at the 50 year chart that the major advantage this portfolio has is avoiding the two “lost decades”
“The key thing about AANA is that in 50 years it has never had a lost decade. Whether the 1970s or the 2000s, while Wall Street floundered, AANA has earned respectable returns.”
There have been two periods of almost ten years before the SP 500 returned to it’s previous high and stayed there. Not hard to beat that if you had any return at all, especially with roaring inflation in the 70s
I have seen several other “ simple portfolios” proposed. But if we used them, MFO would collapse!

Feeling “Whiplash” anyone?
James Stack notes in his January 9 update to subscribers that day to day volatility (S&P) over past 12 months is the 3rd highest in the last 60 years. It is exceeded only by 2008 and 2002.
Wow. I thought it was just me getting “jumpy”. :)
Can anyone explain why with all this volatility the VIX remains at relatively low readings?

Pretty similar portfolio & outlook to what @sma3 described; six years into retirement here with enough to last as long as I don't sustain significant losses. I'm slowly increasing three bond oef positions, expecting at best to get the yields as total returns ... and that would be just fine.
A next level of optimism would prob'ly lead to positions in allocation funds like CTFAX and/or WBALX, a conservative equity fund like PVCMX, and possibly an alt fund (long-short equity?) at least somewhat in synch with whatever the situation turns into.
About middle of the year, roughly half my T bills will have matured and I'll need to have a new allocation plan in place. Not particularly optimistic that there will be safe yields then as high as they are now, and I bought a slug of them in November and December, so won't likely be adding significantly more now.
Good luck out there. AJ

SCHP and TIP are twins for performance going back to January, 2013, including more recent time frames; 2 years,1 year, 6 months, 3 months and YTD. For LTPZ, one needs to monitor daily and it is best if one is a recent past or current champion in the bull riding section of World Rodeo. @Crash, have you looked at any of the BOND thread performance for various bond sectors?

@OJ and others who might have the same criticism this is why I asked about the specific composition of the initial portfolio. What was the makeup of alternative portfolios he's comparing AANA to? How does it compare to handing it all over to Warren Buffett and going hiking? If someone is going to say that AANA was a great way to go I'd want to see what they started with and changed over 50 years so that I could dig up my own back tested alternates also if I was OCD enough.