**Edit: After discussing with the author on their assumptions.**

I hope we can settle the claim once and for all. 

 - S&P 500 = Adjusted Close with Yahoo Finance
 - 10-year Treasury = Yield to Maturity from macrotrends.net, which I confirmed it to be extremely similar to treasury.gov
 - Start Date = 2000-01-03
 - End Date = 2021-12-01
 - Lump Sump $100,000 with no additional funds
 - Reinvested dividend
 - "Continous Rebalancing" = Assume Daily Rebalancing
 - No Bid/Ask Spread (theoretically TLH has 0.05% spread, which does add up daily.  
 - No Capital Gains or Divividend Tax
 - Price of Bonds Fund = 100/((1+YTM/100)^10)
 - A very smart Bonds Fund manager is able to maintain constant maturity (theoretically a 10-year Bonds becomes 9.997-year Bonds after 1 day. )

**Result: End-Value of 60/40 is worse than 100% S&P 500.**

[![A][1]][1]

[![B][2]][2]

**Raw Data, Formula, and Excel files here:** 
https://file.io/XdWmt2HLxpOE

----

If you look at the definition of "60/40 stock/bond portfolio" at 24:14 of the video, it says:

> 60/40 is 60% S&P 500 and 40% **10-year Treasury**

This is the part where it is misleading. Treasury Bonds had a magnified great run in the past 20 years. The longer the duration of the Treasury, the higher return and lower volatility it brings. 

This 60/40 is different from the [Modern Portfolio Theory][3], where the "Market Portfolio" is 60% Total Stock Market and 40% Total Bonds Market (including Treasury, Corporate, Municipal, Junk, etc). 

So instead of 40% BND ETF that [Bogleheads][4] recommended, the **10-year Treasury** is simulated by IEF ETF and TLH ETF on a 7:3 Ratio. 

They could have made it more misleading by using 20-25 years Treasury (i.e. TLT and EDV ETF). 

----

Back to your question #1 and #2. In the following charts:

- Portfolio 1 represents 60% S&P 500 and 40% 10-year Treasury
- Portfolio 2 100% S&P 500

Asseume Reinvested Dividend/Interest. 

$100k Lump Sum with No Rebalancing **= False**

[![enter image description here][5]][5]

$100k Lump Sum with Quarterly Rebalancing **= False**

[![enter image description here][6]][6]

$100k Lump Sum and $5k Monthly Dollar Cost Averaging with No Rebalancing **= False**

[![enter image description here][7]][7]

$100k Lump Sum and $5k Monthly Dollar Cost Averaging with Quarterly Rebalancing **= False**

[![enter image description here][8]][8]

----

I would not spend a minute of my life watching such videos. 


  [1]: https://i.sstatic.net/3nppT.png
  [2]: https://i.sstatic.net/FiTTs.png
  [3]: https://en.wikipedia.org/wiki/Modern_portfolio_theory
  [4]: https://www.bogleheads.org/wiki/Two-fund_portfolio
  [5]: https://i.sstatic.net/Bt89J.png
  [6]: https://i.sstatic.net/dhVGh.png
  [7]: https://i.sstatic.net/xps9t.png
  [8]: https://i.sstatic.net/SRie6.png