JC, I'm 21 and currently have zero assets in bonds. I agree with you entirely -- we're so young that I don't really care too much about market volatility. I'm not touching most of my money for at least 30 years. Thus, I'm pefectly fine with an aggressive, all-stock portfolio, at least for now.
While I don't claim to have the best asset allocation, I'm happy enough with it, and I'm comfortable about where I'm sitting. I currently have almost $22k in various investments, both taxable and in a Roth IRA. According to my last quarterly report, I'm sitting with the following allocation: 26% Large-cap, 12% Mid-cap, 30% Int'l, 14% equities (precious metals companies--not the metals themselves), and 18% "balanced" funds (a 'catch-all' fund).
My investments are currently very aggressive, particularly with the high level of international holdings. While I am planning to draw that down to ~20% and transfer into small-cap holdings, I plan to stay very aggressive like this for a few years, and not even start looking at bond funds until I'm ~25 or so.
The short version of my long response -- Focusing on an all-stock/equity portfolio during your younger years is perfectly fine IMO. Yes, you'll want to move toward more conservative investments like bonds once you're older (I'm thinking late 20's), but for now, high-risk investing is perfectly acceptable for us.
**PROVISO: This is fine, so long as you're STABLE in your investing habits, as in not trying to time the markets, sell off in a downturn, etc. DCA your money into whatever you like for a while, and you'll be just fine. Grow more conservative with age, but for now, let the market work for you as best it can. There isn't significant risk with our far-off timelines.
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