Agreed, but in this case it looks like he was responding to Buffett's quote: >My advice to the trustee couldn’t be more simple: Put 10% of the cash in short-te

Agreed, but in this case it looks like he was responding to Buffett's quote: >My advice to the trustee couldn’t 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. Then he compared his 401k results with the Vanguard Target 2040 fund. Seems pretty straightforward.