One quick question.  Is the percentage allocation to equities a function of the current P/E10?  Recent posts seem to say yes.

Er, two.  If so, would a retiree (doing the traditional allocation based on P/E10) 'rebalance' to a new allocation if P/E10 changes significantly enought?  That is, if current P/E10 says to go 50/50, but, a year or two down the road, your allocation is still 50/50, but current P/E10 says to be 60/40, would you rebalance to that new allocation?

Ah, three.  If the P/E10 of the S&P500 says to be 50/50, while the P/E10 of some other fund, perhaps a value fund, said to be 60/40, would you allocate to 50/50 with the S&P500 index fund, but 60/40 to the other fund?

Again, I don't do things this way, but I am curious!