Agreed James. 100% bonds is bad for long-term prospective returns.
@AR "CMFers should be intelligent enough not to be 'sold' everything (most of what?) they read on internet forums."
I would hope. We're here to learn. Most people not on CMF, FWF, other sites/forums I can only assume couldn't care less otherwise they would be here/read here.
It's likely I have a bias, well, I know I do - to dividend paying stocks. I've talked to and listened to a number of 50- and 60-somethings who have their own bias with 10, 20 or more dividend paying stocks and they seem to have (and continue....) to do VERY well when it comes to total returns and avoiding depleting their portfolios at the same time. This is regardless of what the market does or does not do.
During and after The Great Recession, these investors with an income-focused approach came out fine. In recent years they've been thrilled since the market is on a tear. They continue to spend their dividends and/or distributions and withdraw capital as they please. They don't worry about SWR (like cannew mentioned). They have little reason to. A close friend's father has been a dividend investor for about 50 years. Sure, he has sold a few companies here and there, and purchased new ones, but for the most part - he doesn't change. The portfolio of banks, telcos, Canada and US utilities and a few more - has made him very wealthy. He makes 6-figures from his portfolio on dividends. My friend likely has a huge inheritance coming his way. When I started getting more interested in investing, some 10 years ago now, I asked him about the stocks he owns, how he intends to invest in case of a market crash and he basically just smiled and said - "I never worry about it."
My point being...I suspect the people that worry about SWR the most are the folks that didn't save enough money. They are unsure what the appropriate amount of capital is to fund their expenses. They are worried about drawing down their portfolio at the wrong time, what bonds will do to protect them, etc.
The investors that did save enough don't care too much about SWR because they have constructed their portfolios in such a way to make income and they focus on that. They know even in the darkest prolonged years, all they would need to do is spend a bit less money that the capital generates. Just in case.
My other point is, you don't need to do this just with individual dividend paying stocks. You could easily have a portfolio of XIU with VYM and IDV - that would churn at least $30k per year, cash for life, with $1 M invested. This way you own hundreds of dividend stocks from around the world and you don't need to select any on your own.
Anyhow, this debate will never end. SWR, total return vs. income focused approach, etc. That's fine. I enjoy hearing and reading about other perspectives.