http://jasonzweig.com/the-market-really-is-different-this-ti…
"Instead of chasing this rising market upward, individual investors have been backing away from it. That retreat is increasingly automatic and has become an integral part of how the stock market works.
“As millions of Americans reach the age of retirement and have to replace their salaries, they look less to stocks for growth and more to bonds for income. A massive industry has arisen to make that easy.”
There’s a lot of automatic portfolio rebalancing, including investment in target date funds.
Saul is our contrarian leader in bucking this trend. I recently sold the small amount of bond fund that I was holding, figuring that it was dumb luck that I had profited a bit from share price increase and not just dividends.