I’m sure you’ve heard similar:
I have friends 55+ who have Vanguard index funds “because fees are low”. One claims to have standard 60/40 allocation, another 75/25 allocation. They are nervous for the last 2 weeks.
Neither has a process to re-balance. The first one simply could not pull the trigger in January to sell a bit of his stock index to maintain a 60/40 ratio. Selling is very very difficult for him, while the market is going up.
Thank you for your great podcast, and emphasis on Thinking & Process.