There's an interesting quote in there that goes against much of modern portfolio theory and the standard wisdom about bond allocations: > It is a terrible mist

There's an interesting quote in there that goes against much of modern portfolio theory and the standard wisdom about bond allocations: > It is a terrible mistake for investors with long-term horizons – among them, pension funds, college endowments and savings-minded individuals – to measure their investment “risk” by their portfolio’s ratio of bonds to stocks. Often, high-grade bonds in an investment portfolio increase its risk.