Interesting point -- and this portfolio in effect reflects what C.Schwab's model allocation is for a 'moderate' investor at the present time...

One immediate question with regard to having all funds set for reinvestment of dividends. I'm not clear on how that makes sense when all holdings are poised to remain flat or decline for an extended period of time?  Isn't adjusting that a prudent way to start to at least taking some profits without incurring major tax consequences?