[gull]

That is a very interesting paper.

Don't take the advice of 100% small cap literally. For simplicity's sake (I assume), the paper only considered four investment options: small cap, large cap, long-term corporate bonds, and intermediate government bonds. The point is that young people who have long investment horizons can afford to invest very aggressively. People who can afford to take higher risk should definitely invest more in small cap, value, and emerging markets and less in large cap, medium cap, growth, commodity futures, bonds, and cash. The paper only said 100% small cap because the paper used simplified options.