Brett Bonfield writes: “Because of its financial deficit, ALA needs stability. Therefore, in April, ALA’s Endowment Trustees updated the target allocation for the Association’s investment portfolio, reducing our holdings of stocks and increasing our holdings of bonds. As a result, we are sacrificing some projected returns to limit projected risk. If stocks boom as they have in the past few years, ALA’s portfolio will not increase as much as it would have. On the other hand, if stocks crash, ALA’s portfolio will not take as big a hit as it would have.”