I do not agree entirely. While the aggregate CAGR of the HBPP's holdings of long bonds and cash is similar to the Boglehead emphasis on intermediate bonds, the HBPP offers a lot more in terms of diversity and options.Desert wrote: While the HBPP also includes LTT and Cash, the combination of these two asset classes has performed very similarly to a single intermediate treasury fund or even total bond market fund. So the HBPP is indeed very similar to a boglehead portfolio with a big slice of gold.
For holders of the PP portfolio, when it is necessary to take out some cash for unforeseen expenses or even an occasional luxury, it is very convenient to have a choice between withdrawals from either the cash component or long bonds, or perhaps both. This flexibility and convenience is often not suitable for Boglehead investors, depending on market trends.
And as I grow older, the advantage of overloading the cash component of the PP is becoming more attractive. And if reversion to the mean becomes a reality again (and I believe it will), cash will be even more attractive as interest rates rise to their long-term average.