Good points FedGolfer, I agree the dollar has been reverting to the mean since March 08. Two things to ponder with L Fund investors, which I know you and most TSP talkers are not.
1. Most folks investing solely in the L Funds are taking a 'passive' approach to investing. Their financial future isn't a concern for them yet. They would rather choose to add to the pool of liquidity and believe the company line that the market will continue to return 8% yearly over the next 100 years.
2. Even the L2020 Fund is long term by today's standards. Think about the L2040 fund and now you've got about a 30 year horizon. Yikes! By time investors are withdrawing from their 2040 Fund, there will probably be at least 5 more bear markets, 5 more bull markets and a few black swan events in between.
I'd be surprised if any L Fund investors even watched Jim Cramer. Not that that's a bad thing....
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