"What investment strategy should I use. My broker has told me that I should be allocated 50/50 as between stocks and bonds. Does this make sense?"
One of the key investment concepts is that you should diversify your investments amoung a broad class if asset classes to minimize your risk (certain classes of assets tend to move in opposite directions based on market conditions). Bonds and "stocks" alone are not really a fully diversified portfolio. Also, within the category of "stocks" you might be invested in large capitalization stocks, mid-cap, small-cap, equity hedge funds, international stocks, and so on.
See a financial planner. Also, understand what motives and goals the "planner" has. Are they fee only? Selling product? Looking for a long term relationship or a quick killing?