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If it's the latter, you need a more conservative fund.
"It's a very conservative fund where you can sleep at night," Mr. Klawans said.
He plans to remodel Quantum as a more conservative fund called Quantum Endowment.
But as investors grow older or more conservative, they may want to sell shares of an aggressive fund and buy into a more conservative fund.
As a result, MJ Whitman Advisers has started one -- the Aggressive Conservative fund, a reference to a 1979 book that Mr. Whitman wrote with Martin Shubik, "The Aggressive Conservative Investor Random Housese) -- and is selling it to institutional investors.
Another tactic is to keep the bulk of the assets in the target-date fund that most closely matches the intended retirement date, but allocate about a third of the money to a conservative fund that does not use the target-date approach, like a bond fund.
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Richard Viguerie, a conservative fund-raiser who is developing direct-mail and Internet campaigns about the coming nominee, said conservatives relished the prospect of a fight with Democrats over the Supreme Court before the November election.
This dynamic probably explains why wealthy Democrats who pioneered the idea of outside money during the Bush years have largely stood down this year, even while conservative fund-raising has soared.
But Mr. Keene and many other conservative fund-raisers and organizers acknowledge that the grass-roots hatred for Mrs. Clinton and her husband has subsided substantially since they left the White House.
Mr Bai goes on to suggest that because "it's much easier to tap into the fury and anxiety of out-of-power millionaires than it is to amass contributions in defence of the status quo", the "wealthy Democrats who pioneered the idea of outside money during the Bush years have largely stood down this year, even while conservative fund-raising has soared".
Of the $1.3 million Mr. Giuliani's campaign paid to direct-mail firms in the second half of 1999, nearly $820,000 went to American Target Advertising Inc. of Manassas, Va., a firm run by Richard A. Viguerie, a legendary conservative fund-raiser who has worked for Jesse Helms, George Wallace and others.
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