Preserving capital while generating income to reinvest in the market is my goal. As CD's mature I refuse to accept miserable returns form financial institutions. I fail to understand how I do better than most mutual funds I own. I accept that I am not smart enough to make money trading. I look for good companies that pay a decent dividend and also have some immunity to competition. I then buy and hold. I do not believe in rebalancing my portfolio. If I choose well there is no need to do this.