"Reports of my death are greatly exaggerated.”

Mark Twain didn’t quite say that, but I’m reminded of the misquote these days whenever I read articles declaring the death of the classic balanced portfolio—60% stocks and 40% bonds. There’s no sugar-coating it, 2022 has been a tough year for this simple approach to a diversified portfolio. But in my book, we shouldn’t dismiss a strategy that has endured for decades due to one, or even a couple, of lean years.

Vanguard is the perfect classroom for explaining why I believe balance endures. Let me explain by looking back at one fund’s 30-year anniversary as well as the long-term track records of two of the mutual fund industry’s oldest funds.

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