Here is the old question. I see an article in Investment News, " 61% of advisors have increased their cash allocation since May 6th. "I guess I'm old school, no money has gone fixed in my portfolios since then. Keeping the allocations moderate, with a little "tactical" allocation. Article says many advisers have decided that buy and hold is an outdated strategy. Really? I do a little tactical around the economic cycle and interest rates, but these events surprise me. Granted, my portfolios are more conservative than in 1999 ( surprise), but I take that to be the important learning ( growth and income, and suitability, versus timing, and overemphasis on growth - otherwise known as greed).