Constant Ratio Plan

You have high risk, high P/E, no dividend equities. And you have AT&T, which yields 6% and never grows.

The constant ratio keeps some pre-set balance of high-risk and low-risk investments in some kind of parity, so that the overall portfolio maintains its existing pattern, or set standard of risk or volatility.

Things in the portfolio get rebalanced all the time, depending on the teeter-totter of risk comprising its assets, but the focus remains the same. Like, "maintain an S&P 500 level of Beta in the portfolio until told otherwise."