I just finished reading the 2007 edition of A Random Walk Down Wall Street by Burton Malkiel. I had read the 1996 version, and this one is updated to include the intervening years and the rise of new classes of investments like ETFs. There have been 2 other editions in between these two.
As always, a classic read.
Here is the Asset Allocation he recommends
Burton Malkiel - Asset Allocation Guidelines
(I don't know how to do tables here, hence the link)
Comparing it with the 1996 edition, there was no mention of REITs or Emerging Markets in the older edition. The overall asset allocations seem more or less the same except that Bond allocation is reduced by the amount recommended for REITs. International allocation is adjusted to include Emerging Markets.
There is less slice & dice advice in the stock allocation - "Two-thirds in US stocks with good representation of smaller growth companies and one-third in International stocks including emerging markets" The earlier version had more specific recommendations. Going by the rest of the book, I do not think he's emphasizing small-growth, but rather just small cap as an asset class.
Another point that struck me is how everyone seems to be including REITs and Emerging markets into their asset allocation AFTER the run-up of the previous few years. Isn't this exactly what we're warned against doing?
For people just beginning to get into investing for FIRE, this is one of the must read books in my opinion along with the excellent ones from Bernstein. I'm going to try and spend more time reading books than loitering around in this forum