Lazy portfolios

Taylor Larimore / Bogleheads forum, popularized ~2002

Three funds: US stocks, international stocks, US bonds. No sector or factor tilts. Equity/bond split is a personal call; the mix below is the common age-50 moderate version (60/40, with international at 20% of the equity).

Scott Burns, Dallas Morning News, 1991

Two funds, 50/50, US stocks and US bonds, rebalanced once a year. Burns published it as a benchmark for active managers. Most of them still lose to it.

Harry Browne, "Fail-Safe Investing" (1999)

25% each in stocks, long Treasuries, cash, and gold. Browne mapped those to prosperity, deflation, recession, and inflation. The aim is a small 12-month loss, not a high return.

Tyler, Portfolio Charts (~2016)

Permanent Portfolio with more equity: 20% total market, 20% small-cap value, 20% long Treasuries, 20% short Treasuries, 20% gold. Same regime idea, less cash drag.

Ray Dalio / Bridgewater, retail simplification of the institutional risk-parity strategy

30% stocks, 40% long Treasuries, 15% intermediate Treasuries, 7.5% gold, 7.5% commodities. A retail cut of Bridgewater's risk-parity mix, without the leverage the original used on the bond sleeve.

Tractate Bava Metzia, ~200 CE

A third in land, a third in business, a third in reserve — from Tractate Bava Metzia, rewritten as 33% REITs, 33% stocks, 33% bonds. More a diversification proverb than a portfolio people still run.