Well, the usual caveat here is that you can't time the market.
However, I think it's perfectly fine to "rebalance" your portfolio to match your true risk tolerance. In which case, feel free to convert more stocks into bonds, but once that's figured out, I would recommend to stick to it.
In my own asset allocation, I've mostly stuck to a passive, diversified mutual funds. I know I've spent a lot of time talking about trying to time the market, but I only attempt to trade with a small portion of my money.
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