Hi! I subscribe to the ideology behind it (being diversified, being low cost), and how it actually worked out in US where so many of these investment books originate, but the implementation of it in Singapore (also with other smaller countries) is so challenging because: 1. Lack of a good bond fund in local currency A35 and MBH has fairly low returns, and does not have a fixed investment mandate like what is available in US markets. The bond ETF funds that are used for portfolio construction are 10 year treasury bonds, 20+ year treasury bonds, or investment grade bond funds with diversified underlying companies. I guess due to few SGD bonds available, the ETF fund managers are unable to come up with more clearly defined investment mandates. 2. Lack of a diversified local index. We take huge individual company and industry risk when we invest in the STI. If you invest in the FTSE all world index, you own less than 2.5% of Apple, the largest component, and the top 10 holdings are only 12.4% of the entire index. When you invest in the STI, the top 10 holdings are 68% of the entire index. Let that sink in. Take a closer look at Hariz comments. I fully agree that the strategy works best in US. It wil work less well in probably this order: US, Europe, China, Japan. Let's not copy and paste portfolio allocation strategies, its not that simple!!!!