merch:
There is a substantial amount of value in the portfolio (we are early 50's) and we are
going to add a large chunk monthly for the next few years (empty nest!). I am in search of some
suggestions, literature and websites on foolish portfolio allocation for greybeards like myself.
Any ideas?

How empty is your nest? Assuming you don't have any college or wedding bills to pay & the entire portfolio won't be touched until retirement, then the next question is: when are you planning on retiring? Again, assuming that you will wait until 65 (or later) to retire, then you have >10 year investment horizon and Fools think there's no reason why your allocation couldn't be 100% stocks. (Bonds & cash preserve capital, they don't build it.) Then the question becomes: how do you allocate stocks between sectors & between investing styles (growth vs. value)? The answer to this last one is really up to you. As a self-confessed newbie, have you gone through the experience of watching 15-20% or more of your portfolio evaporate in a bear market? Did you panic & sell low? If you haven't seen the real thing, look to your temperament for guidance. Typically, growth stocks climb (& drop) faster than value stocks. One rule of thumb is to invest a % = your age in value stocks & the remaining % in growth stocks. This technique makes your portfolio more conservative as you near retirement.
Once retired, how you invest may change. Try this link for one method.
http://boards.fool.com/registered/Message.asp?id=1040013000079000&sort=postdate
Try this link for a speech given by the chairman of Vanguard Funds, it's pretty good (even though he recommends some bonds for everybody- hiss)
http://www.vanguard.com/cgi-bin/NewsPrint/900353062

Chris