John Bogle, father of the index fund and founder of the Vanguard Group, keeps his portfolio allocated based on his age, believes that buy and hold is still relevant, and does not feel as though target-dated mutual funds represent stewardship (instead he suggests they represent salesmanship).
Calling what he does the Bogle Age Allocation, he actually believes that Social Security is enough of a bond fund for the average investor. Build your own target-dated fund he tells us largely because he worries that these funds are not what they seem and as I have suggested numerous times, they are as yet proven.
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