Why Not All In Stocks? and Why Your Retirement Needs Zero Bonds？

A 2025 paper finds a 100% globally-diversified equity portfolio with zero bonds, held for life, mathematically outperforms traditional glide-path retirement investing.

• Zero-bond optimum: The 2025 paper 'Beyond the Status Quo' finds the mathematically optimal lifetime portfolio is 33% domestic / 67% international stocks—0% bonds—for a 70-year life cycle.
• Savings rate doubles with bonds: Hitting the same retirement utility requires saving 10% of income in the all-equity portfolio vs 19.3% in a 60/40 mix and 16.1% in a target-date fund.

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