Pro: Don't Forget To Rebalance Your Portfolio

The Dow Jones Industrial Average is less than 400 points away from hitting the historic 20,000 mark. Given the incredible post-U.S election stock surge, the Dow could hit 20,000 before the end of the year, which has many investors wondering if it is too late to jump in and join the rally.

(Re)balancing Act

Bill Nygren of Oakmark Investor Fund was a guest on CNBC's "Squawk Box" segment on Friday and argued why it is not too late join the rally. He did, however, emphasize the fact that many baby boomers should take a look at their asset allocation amid the rally and adjust their portfolio accordingly.

Nygren expanded that conventional wisdom dictated a full generation ago that baby boomers close to retirement hold around 60 percent of their assets in equities but today the allocation should be higher.

"Timing the market I think is impossible," Nygren said. "If you ask any investment professional do you think stocks over the next 10 years will make more than the 2.5 percent you can make in bonds – the answer to that question is going to be yes."

Nygren also suggested that investors who bought equities immediately following the Brexit vote should re-examine their portfolio as an expected meltdown in global equities failed to play out as many had thought. Accordingly, investors should ensure they aren't now over-invested in equities and should maybe trim their exposure accordingly.