I’ve posted Entry #109 to my weekly Beyond Buy-and-Hold column at the Out of Your Rut site. It’s called Life Cycle Investing Won’t Work If You Don’t Consider Valuations.
Juicy Excerpt: If Bernstein could get it so wrong in the years up to 2008 after studying stock investing for many years, how can we know that he has it right about how to react to the 2008 crash after having had only four years to absorb the lessons of that debacle? I think Bernstein is beginning a learning process that in all likelihood will take him to some wonderful places in coming years. I don’t think he has completed the journey. I think the advice he is giving today is an improvement over the advice he was giving pre-2008. I do not see it as a finished, working product.