Episode 465: Working Through The Middle Muddle, Cool Animated Videos, And Analyzing Other Retirement Portfolios

Nov 12, 2025

The hosts tackle real investing dilemmas, from rebalancing intermediate portfolios to the timing of adding bonds before retirement. They explore whether a 100% stock portfolio can withstand withdrawals and discuss midlife work-family challenges. Favorite listener episodes get a shoutout, along with unique animated video recaps. Randy Thurman's All-Weather Retirement Portfolio is scrutinized, revealing potential shortcomings, while practical advice on improving retirement strategies takes center stage. Tools for DIY portfolio analysis offer added guidance.

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ADVICE

Rebalance Via New Contributions For Midterm Goals

Do avoid taxable rebalancing for intermediate goals and instead direct new contributions and dividends to the underweight sleeves.
Rebalance only if allocations deviate substantially (e.g., 5–10%) or if taxes are acceptable.

ADVICE

Put Bonds In Traditional Accounts

Do place bonds inside traditional retirement accounts to avoid ordinary income taxes on bond income.
Ignore cost basis in retirement accounts because capital gains rules don't apply there.

INSIGHT

100% Stocks Means You Plan To Underspend

A 100% equity portfolio during withdrawal implies you intend to underspend and maximize terminal wealth.
Higher spending needs require diversified portfolios to raise safe withdrawal rates.

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In this episode we answer emails from Arun, Neil, and Stephen. We discuss intermediate accumulation portfolios, when you start needing bonds and being a good family man; favorite listener episodes #436 and #441, and an analysis of Thurman portfolios and what they are missing.

Links:

Episode 436 Video Summary: https://drive.google.com/file/d/1WQ1hvoLaX3hJL3DoLnaWsAxNBdOYFLB0/view?usp=sharing

Episode 441 Video Summary: https://drive.google.com/file/d/1fHpBZCykn-UOXMarWKIMVX0tLG9-OEDa/view?usp=sharing

Retirement Investment Advisors SEC Disclosure: Microsoft Word - DRAFT 2 ADV 03.2025 PART 2-03.25.2025

Thurman 10 Steps To Build Retirement Portfolio: E-Book 10 Portfolio Steps v1.2024

PortfolioLab Thurman Portfolio: Randy Thurman All-Weather Retirement Portfolio | PortfoliosLab

Portfolio Visualizer Analysis of Thurman Portfolios: Backtest Portfolio Asset Class Allocation

Breathless Unedited AI-Bot Summary:

Tired of vague investing advice that wilts when real life hits? We open the mailbag and get practical about three decisions most DIY investors face: rebalancing a mid-term portfolio, adding bonds before retirement, and whether a 100 percent stock allocation can actually work when you’re withdrawing. Along the way, we put a highly marketed “all-weather” retirement framework under the microscope and show why corporate bonds often fail when you need ballast most.

We start with an intermediate-term goal: saving for a house in three to five years. Rather than forcing taxable rebalancing, we explain how to direct new contributions and dividends toward lagging sleeves to maintain balance while sidestepping taxes. Then we tackle bond placement for accumulators in their late 30s and early 40s: why Treasuries belong in traditional 401(k)s, why cost basis doesn’t matter inside retirement accounts, and when adding bonds is a sleep-aid rather than a must-have. Next, we confront the 100 percent stock question. If you intend to underspend and maximize terminal wealth, it can work. If you want higher sustainable withdrawals, diversification wins.

The centerpiece: a head-to-head backtest of an “all-weather retirement” recipe built around corporate bonds and global equities versus a more balanced, risk-parity-inspired mix that includes Treasuries and a modest allocation to gold. The results highlight a core truth of sequence risk: smaller, shorter drawdowns can raise safe withdrawal rates and preserve flexibility. We also talk mindset—stop treating assets like sports teams. They’re tools: stocks for growth, Treasuries for defense, gold for inflation shocks. Set your stock percentage first, split growth and value, prefer Treasuries over corporates for hedging, consider 10–15 percent gold, and test your plan with Portfolio Visualizer, Portfolio Charts, Testfolio, and the Early Retirement Now toolkit.

Life design matters too. For parents in the exhausting middle—toddler chaos, peak earnings, zero time—we share a simple playbook: cut low-yield work commitments, focus on small, memorable family moments, and accept this as a temporary storm. Build a portfolio that buys time, not stress, and let your money serve the life you want. Enjoy the conversation, and if it helps, subscribe, leave a review, and share this episode with a friend who’s balancing markets and midnight wake-ups.

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