@FD1000, what managed bond funds do you use? Right now I hold 2 bond mutual funds, IOFAX and MAINX. I've pulled out of bonds quite a bid in the last 6 months and put that money into 1-2 year CDs. The rise in CD rates has stalled and now I think CD rates aren't going to catch fire for a while. Some of my cash has made it's way to a gold ETF play also.

The answer is about 25 times your annual expenses at retirement. Mr. Bernstein is wrong for decades, if you listen to him, chances you will never retire, especially if you invest in Treasury inflation-protected securities and inflation-adjusted immediate annuities. You must own some stocks and you can do so much better long term with Multisector funds. Investing in TIPS? really? TIPS made just 1.43% annually in the last 5 years, even BND is a better choice. I have been commenting about him for years on Morningstar.

@DavidV: I'm sorry, but I'm not sure what posting you are referring to. I took a quick look at recent posts on the subject, and came up with-
• December, 2018: "Being 80, I've done more than tinker around the edges- I've eliminated a few weak sisters entirely, and reduced all of our other funds to approximately 2k each. This will maintain easy access to those funds in the future, when the time comes (and it will, if I'm still around.)"
• November, 2018: "@Ted: Interesting that you have made that decision at this point in time. I've been very close to the same decision, and now I'm thinking that I'll follow you on this. The next market cycle is certainly not going to be upwards, and given our ages, we may not be well positioned to ride the next one through to the next bull. Additionally, my wife has no interest in any of this, except of course that she likes being able to maintain our living standard. Given the survival odds, probably better to now transition into a plain vanilla situation to the extent possible."

@OJ I remember you posted recently your allocation 40-40-20. Now you say 1% equity. Please elaborate.

FYI: Let’s say you had the ability of a god – you could determine the exact low point of the stock market each year], in real-time, and only put your cash in at that very moment. You might assume that this ability would guarantee you could outperform all other investors.
And you’d be wrong.
Now imagine the people who expect to only buy the dip in real life. They have no such ability to know when that lowest point will be and no way to be sure they’re to buying in at the best possible time.
Investors holding back from investing because they assume they can identify a better entry point sometime in the future cannot actually do this consistently over time. What is more likely is they’ll suffer opportunity cost and frustration.
In his post, Nick Maggiulli makes this point using the historical record and some incredible charts. Nick is the data analytics manager at Ritholtz Wealth and blogs at Of Dollars and Data.
Regards,
Ted
https://ritholtz.com/2019/02/why-dollar-cost-averaging-beats-buying-the-dip/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+TheBigPicture+(The+Big+Picture)

Down to about 1%. At 80 and with potential health issues, I am not optimistic about the time-frame likely needed to hunker down through the next downturn and then back up the other side. My wife has no interest in the financial affairs, other than appreciating not having to worry about them. If I do last long enough to survive the next downturn, I'm well positioned to quickly reinvest as things start to move up again.

https://www.schwab.com/public/schwab/investing/investment_help/investment_research/etf_research/etfs.html?path=%2FProspect%2FResearch%2Fetfs%2Foverview%2FoneSourceETFs.asp%3Fsymbol%3Dundefined
Above is the no cost ETFs from Schwab.
Can anyone explain why they use managed mutual funds that cost you 1-2% to own when the same or likely better returns can be had with these no commission index funds? The selection is huge. I own managed funds but I often wonder why.
There are many here that collect 30, 40, 50+ mutual funds. That just has to dilute any manager affect. Wouldn't it? Why do we continue to believe we get better returns from a collection of higher cost investment vehicles when most all data suggests otherwise?
In saying that, I argued for a long time managers could "steer the ship" for a smoother, higher return ride. I don't believe it anymore. I have not totally jumped on the ETF band wagon myself but I may. I still believe for very specific funds a manager or formula can add value, for example I wouldn't give up the management at PRWCX just yet or the secret ingredient in the CAPE fund DSENX. But other than that I think I have to break away from this paradigm in believing managers can beat these no cost ETFs.
What do others think? What are the reasons to use managed funds over free ETFs?

FYI: (This is a follow up article.)
Fidelity Investments has expanded its platform to let loose a new volley of more than 500 commission-free ETFs and as of February 28, 2019, additional iShares ETFs.
One hour later, Schwab ETF OneSource one-upped competitor Fidelity by announcing it was doubling its lineup of commission-free ETFs to 503 in 79 Morningstar categories, and by adding 90 iShares ETFs to its offerings, starting one day after Fidelity, on March 1, 2019.
Regards,
Ted
https://www.fa-mag.com/news/fidelity-pulls-trigger-on-commission-free-etf-price-war--and-schwab-fires-back-43296.html?print
Schwab Website:
https://pressroom.aboutschwab.com/press-release/corporate-and-financial-news/schwab-etf-onesource-doubles-lineup-500-commission-free-e

Still only house funds (Fidelity) and some iShares:

Free commission offer applies to online purchases of Fidelity ETFs and select iShares ETFs in a Fidelity brokerage account.

Bold font in originally cited article. Like Vanguard, Fidelity isn't selling any leveraged ETFs without fees (iShares does not sponsor leveraged ETFs). Not that I think leveraged funds are a great idea.

Has anyone looked into opening brokerage accounts for bonus payments and buying short term Treasuries (at no commission)?
I started researching this, and see that E*Trade will pay $200 if you bring $25K to a new account for six months (1.6% annualized), that you could invest in a 2.4% six month Treasury.
https://us.etrade.com/what-we-offer/how-it-works/brokerage
Chase(!) has a similar offer, except that it requires you to keep the money there for only 90 days ($200/$25K for 90 days is 3.2% annualized bonus).
https://accounts.chase.com/youinvest/trade/offer?jp_cmp=rb/Chase_Brand_Exact_You+Invest_SEM_US_No+xLOB_Standard_NA
Merrill Edge will pay $100 if you bring in $20K for 90 days (2.0% annualized bonus), or $150 if you are (or become) a Preferred Rewards customer.
https://www.merrilledge.com/cmaoffer ($100)
https://www.merrilledge.com/offers/900offer ($150)

The best 1 year CD option at Schwab right now is 2.5% from Wells Fargo (actually 13 months). Pretty poor pickings compared to a few months ago. The MM is at 2.33%, so not a lot of incentive to buy more CDs right now - for me anyway.
I have put some cash to work in a gold ETF FWIW.

FYI: On the heels of rewriting the rules of investing through its
groundbreaking ZERO offering, Fidelity Investments®, one of the largest financial service providers with
$6.7 trillion in total client assets, today announced the expansion of its commission-free exchange traded
fund (ETF) platform for individual investors and advisors to include more than 500 ETFs. The move will
offer clients access to high-quality, industry-leading ETFs and further exemplifies Fidelity’s ongoing
commitment to providing the best overall value in the industry. Fidelity has more than $380 billion in
ETF assets under administration, up nearly 80% over the last three years.1
Regards,
Ted
https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/press-release/Fidelity-Expands-Commission-Free-ETF-Lineup_021219.pdf

FYI:
Regards,
Ted
https://www.cnbc.com/video/2019/02/12/cashin-possibility-of-u-s-china-trade-deal-has-perked-up-markets-around-the-world.html?&qsearchterm=Art Cashin

@ Ted; Do you recall what 1 year would pay ?
Derf

FYI: Just rolled over BANKOFBARODA NEW YORK NY CD CPN: 2.250% Due : 2/12/2019 that I bought on 12/3/18 to Compass BK CD Birmingham AL CD CPN 2.300% Due 6/17/2019.
Regards,
Ted

FYI: In January 2019, Morningstar manager research analysts affirmed the Morningstar Analyst Ratings of 72 funds and eight target-date series; upgraded the ratings of five funds and one target-date series; downgraded the ratings of five funds; placed four funds’ ratings under review; and assigned new ratings to four funds. Below are some of January’s highlights, followed by the full list of ratings changes.
Regards,
Ted
https://www.morningstar.com/articles/912106/a-flurry-of-ratings-in-january-2019.html

If you have grandkids and considered give more than half of ur assets away maybe it's reasonable to keep 90 - 10 because most of these benefits vehicles would be transferred to ur love ones anyway and younger investors should be little more aggressive

Didn't read the article either, but doesn't seem to add anything new to the discussion. So I'll just reiterate my observations when the Buffett letter came out:
- I might have suggested 12% (that would amount to a three year buffer @4% drawdown/year), otherwise agree with MikeM
- Buffett (as well as Bogle) is enamored with the US market; I'd prefer a more global equity allocation.
Note also that Buffett did not instruct the trustee to invest 90/0/10 as the article claims. That was merely his advice:

My advice to the trustee could not be more simple: Put 10% of the cash in short-term government bonds and 90% in a very low-cost S&P 500 index fund. (I suggest Vanguard’s.) I believe the trust’s long-term results from this policy will be superior to those attained by most investors – whether pension funds, institutions or individuals – who employ high-fee managers.

http://www.berkshirehathaway.com/2013ar/2013ar.pdf

You're familiar with the facts and claims presented? You seem to be suggesting that if investors hire someone who owes a fiduciary duty to them and that duty is violated, they can always walk away and buy something else.
Even though fund boards have a fiduciary duty to the investors to, among other things, negotiate rates with the management company, it never matters what the fees are, since the investors can always walk away?
Here's a ruling on some preliminary motions in the case that may provide some insight into what was going on (including fiduciary duties). (TLDR - yet). While this prelim ruling said the plaintiffs hadn't alleged facts that proved their case, it also reiterated established law - that there are situations where courts can rule that fees are too high and fiduciary duties are breached.
https://casetext.com/case/in-re-blackrock-mut-funds-advisory-fee-litig-1