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Greetings jrr7,

The point of a balanced fund is to buy bonds when they're cheap relative to stocks, and sell them when they're expensive relative to stocks.

No, this is the point of so-called "Asset Allocation funds" that use tactical asset allocation such as Vanguard's Asset Allocation fund(VAAPX) rather than those funds that seek a somewhat constant mix and try to be a fund that almost has everything in one for a given asset allocation as Vanguard's Balanced Index(VBINX) doesn't try to time the markets but just hold a mix of 60% stocks to 40% bonds.

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