Investment philosophies are based upon a view of human emotional reactions and how people learn (or fail to learn). My view is simple. Folks tend to react emotionally. They sell when markets are dipping precipitously. They buy as markets rise. These actions are typically too late. They harm long term results.
A study done in the mid-1980's and early 1990's by Gary Brinson, Randolph Hood and Gilbert Beebower called “Determinants of Portfolio Performance”, suggested that most pension fund returns over a decade were due to their asset allocation decisions.
My Strategy: create Multiple Diversified Asset Allocations. Build Allocations based on Risk Tolerance and Time of future need for the funds. Near term needs suggest more conservative, lower volatility choices. Longer term needs suggest different, less conservative Allocations.
My approach: create multiple Baskets of funds. Identify time driven Risk Tolerances for each Basket. Some focused on near term needs, others focused on longer term Time Horizons. Other important considerations include Lifestyle, Liquidity, Longevity and Legacy.
 Determinants of portfolio performance
Brinson, Gary P; Hood, L Randolph; Beebower, Gilbert L
Financial Analysts Journal; Jan/Feb 1995; 51, 1; ABI/INFORM Global