Gentlemen, I thank you for your input...it does make me re exam what I am suggesting about market efficiency. The input about all the different S&P 500 index funds having different prices is a fair point about the overall stock market having high P/E ratio. But my point is that L2050 and the newer L2055, L2060 and L2065 especially NOT as efficient as they are meant to be all on the same frontier---the basis for the different allocations of the Core Funds as designed by Aon and Mercer. What really screws up the newer L2055, L2060 and L2065 was they are not implemented as designed. The TSP Board decided to not fight Trump and so they do not differ by increasing exposure to China as you go further out into the future on the efficient frontier. What it comes down is whether you believe Harry Markowitz (U.C. San Diego) deserves his Nobel prize for publishing Modern Portfolio Theory in 1952.