wins) and equities will continue to rise for a while. If not I'll just hop in the seat next to Sam on the roller coaster. I think that deciding a target AA and re-balancing when it gets out of balance in a disciplined manner will outperform market timing over the long run. Perhaps you are smart enough to make the wise calls as to when to get out and when to get in at the right times. but I know that I am not and I know that most people are not. I'd dump some equities if I didn't have to put the proceeds in cash, bonds, RE or Venezualen Breaver Cheese futures (and we like all kinds of beavers up here). Venezuelan Beaver Cheese futures aside ( ), my dilemma is pretty much the same as yours. About the mutual funds I have owned prior to my ERing 4 years ago, one stock fund's NAV is at its highest point now since early 2008. One (muni) bond fund's NAV is at its highest point since mid-2003 (a bond market high point in the first decade of the 2000s). The other (muni) bond fund's NAV is at a high point it has not reached since late 1998. As a result of my mutual funds being at high points, my AA percentages have not really changed enough to rebalance. As I have posted in another thread, I have been draining my munis to take into account I am in lower tax