Stories in the media continue to emphasize the importance of asset allocation. They say we need to maintain a certain percentage of bonds and stocks. But I wonder if this advise was established during a long period of falling interest rates, a situation that no longer exists. Does the advise need to be updated to take into account the current rate environment? Right now I'm a little heavy in stocks. So I'm thinking about "allocating" more into bonds. But with interest rates low it seems more likely that bonds will loose value. So I'm wondering if I should follow (perhaps outdated) conventional wisdom and buy bonds or should I go to cash instead? Shouldn't the advise be modified to take into account the current low rate enviroment?