Sure, if you timed it perfectly, but I can tell you how many people had the guts to buy treasury bonds or stocks when they were both down 12% in one day. If you were to only look at your portfolio once a month, and stick to your withdrawal rate, you would be significantly better of holding zero cash thru this whole ordeal.000 wrote: ↑Sat Aug 01, 2020 7:28 pmSorry, I'm having trouble understanding. I thought March 2020 showed the value of cash when liquidity in everything else dried up. Is your opinion that future liquidity crises will be tolerable without cash due to Fed management?texasfight wrote: ↑Sat Aug 01, 2020 7:25 pmYes. Which is why I hold absolutely zero cash. My portfolio has similarities to the permanent portfolio, but with no cash - rising real rates due to liquidity are not allowed to happen, and the Fed has the tools to prevent that from happening for more than a few days - some may disagree (dollar milkshake theory and all). We saw what happened in March of 2020. Biggest liquidity event in US history since modern monetary policy's inception and the end of bretton woods system. Treasury bonds have never been hit like that before, unreal bid/ask spreads, ETF's trading at 10% discounts to NAV, but the Fed was able to step in and stop the DXY rise. Leveraged risk parity strategies got slaughtered. Unlevered 60/40 VTI/EDV bounced back and is crushing it. MGK/EDV even better. MGK or QQQ is the equity everyone should have been holding going into this.000 wrote: ↑Sat Aug 01, 2020 4:50 pmSo what you're really saying is the USD is down?texasfight wrote: ↑Sat Aug 01, 2020 12:49 pm The reason stocks are up is because bonds are up. The reason gold is up is because bonds are up. The reason housing is up is because bonds are up.
Ray Dalio: Is He Saying Bonds Are Done?
-
- Posts: 367
- Joined: Mon Jul 27, 2020 3:12 pm
Re: Ray Dalio: Is He Saying Bonds Are Done?
Re: Ray Dalio: Is He Saying Bonds Are Done?
Ok, thanks for the clarification.texasfight wrote: ↑Sat Aug 01, 2020 7:36 pmSure, if you timed it perfectly, but I can tell you how many people had the guts to buy treasury bonds or stocks when they were both down 12% in one day. If you were to only look at your portfolio once a month, and stick to your withdrawal rate, you would be significantly better of holding zero cash thru this whole ordeal.000 wrote: ↑Sat Aug 01, 2020 7:28 pmSorry, I'm having trouble understanding. I thought March 2020 showed the value of cash when liquidity in everything else dried up. Is your opinion that future liquidity crises will be tolerable without cash due to Fed management?texasfight wrote: ↑Sat Aug 01, 2020 7:25 pmYes. Which is why I hold absolutely zero cash. My portfolio has similarities to the permanent portfolio, but with no cash - rising real rates due to liquidity are not allowed to happen, and the Fed has the tools to prevent that from happening for more than a few days - some may disagree (dollar milkshake theory and all). We saw what happened in March of 2020. Biggest liquidity event in US history since modern monetary policy's inception and the end of bretton woods system. Treasury bonds have never been hit like that before, unreal bid/ask spreads, ETF's trading at 10% discounts to NAV, but the Fed was able to step in and stop the DXY rise. Leveraged risk parity strategies got slaughtered. Unlevered 60/40 VTI/EDV bounced back and is crushing it. MGK/EDV even better. MGK or QQQ is the equity everyone should have been holding going into this.000 wrote: ↑Sat Aug 01, 2020 4:50 pmSo what you're really saying is the USD is down?texasfight wrote: ↑Sat Aug 01, 2020 12:49 pm The reason stocks are up is because bonds are up. The reason gold is up is because bonds are up. The reason housing is up is because bonds are up.
Re: Ray Dalio: Is He Saying Bonds Are Done?
Thank you for reposting! I'm sure I'm not the only one that needs to be reminded of Buffet's advice periodically throughout their investing career! It would be nice if the relevant pages could actually be pinned to the top of this Bogleheads forum section.Boglegrappler wrote: ↑Sat Aug 01, 2020 10:54 am I watched the whole video. It struck me that Dalio's observations fit pretty well with Buffett's observations from the 2011 letter on pages mid 17 to the end of page 19. I've posted links to that repeatedly because of how valuable I think the thought process is.
So here it is again. Page 17-19.
https://www.berkshirehathaway.com/letters/2011ltr.pdf
Re: Ray Dalio: Is He Saying Bonds Are Done?
Thank you for posting these pages. I agree with your suggestion.ChiGuy wrote: ↑Sat Aug 01, 2020 8:30 pmThank you for reposting! I'm sure I'm not the only one that needs to be reminded of Buffet's advice periodically throughout their investing career! It would be nice if the relevant pages could actually be pinned to the top of this Bogleheads forum section.Boglegrappler wrote: ↑Sat Aug 01, 2020 10:54 am I watched the whole video. It struck me that Dalio's observations fit pretty well with Buffett's observations from the 2011 letter on pages mid 17 to the end of page 19. I've posted links to that repeatedly because of how valuable I think the thought process is.
So here it is again. Page 17-19.
https://www.berkshirehathaway.com/letters/2011ltr.pdf
Re: Ray Dalio: Is He Saying Bonds Are Done?
Cool. Great points. Best of luck to you!AerialWombat wrote: ↑Sat Aug 01, 2020 2:48 pmYou are speculating. You have absolutely ZERO way of knowing that, unless you have a time machine. In which case, I'd love to know who takes the Gold in men's skeleton in the next winter Olympics.steve321 wrote: ↑Sat Aug 01, 2020 1:38 pmyou won't preserve your capital with bonds; after taxes and inflation it's pretty clear that you'll lose some of your capital.AerialWombat wrote: ↑Sat Aug 01, 2020 7:47 am
I hold fixed income securities for capital preservation.
Edit: In addition, this is why you have an AA that includes some equities. Even a super-conservative portfolio like mine needs to have some equity exposure. This theoretically "gooses" the return to (hopefully) keep pace with inflation. A portfolio must be viewed as a whole. Looking at only the bond portion in isolation is ludicrous.
Also, my portfolio, for MY purposes only, is designed to keep purchasing power pace with inflation -- and nothing more. My total portfolio goal is a real return of ZERO. Your desires may be different. Personal finance is personal.
Success does not bring happiness. In fact, happiness IS success. |
'There are only two tragedies in life: one is not getting what one wants, and the other is getting it.' Oscar Wilde
-
- Posts: 9881
- Joined: Mon Sep 07, 2009 2:57 pm
- Location: Milky Way
Re: Ray Dalio: Is He Saying Bonds Are Done?
Thanks. That was really well-written and interesting.Boglegrappler wrote: ↑Sat Aug 01, 2020 10:54 am I watched the whole video. It struck me that Dalio's observations fit pretty well with Buffett's observations from the 2011 letter on pages mid 17 to the end of page 19. I've posted links to that repeatedly because of how valuable I think the thought process is.
So here it is again. Page 17-19.
https://www.berkshirehathaway.com/letters/2011ltr.pdf
Best regards, -Op |
|
"In the middle of difficulty lies opportunity." Einstein
-
- Posts: 9881
- Joined: Mon Sep 07, 2009 2:57 pm
- Location: Milky Way
Re: Ray Dalio: Is He Saying Bonds Are Done?
...or keeping your duration very short and hoping.
Best regards, -Op |
|
"In the middle of difficulty lies opportunity." Einstein
-
- Posts: 9881
- Joined: Mon Sep 07, 2009 2:57 pm
- Location: Milky Way
Re: Ray Dalio: Is He Saying Bonds Are Done?
Although one can argue that 98 cents on the dollar is better than 11 cents. All depends upon your perspective and time frame.steve321 wrote: ↑Sat Aug 01, 2020 1:38 pmyou won't preserve your capital with bonds; after taxes and inflation it's pretty clear that you'll lose some of your capital.AerialWombat wrote: ↑Sat Aug 01, 2020 7:47 am
I hold fixed income securities for capital preservation.
Best regards, -Op |
|
"In the middle of difficulty lies opportunity." Einstein
Re: Ray Dalio: Is He Saying Bonds Are Done?
Last I checked (7/31), my bond funds collectively are up over 14% this year so far. They are the ones making my portfolio with heavy equity exposure into positive this year. Should I abandon bonds for more equities, more than the risk up to eye balls that I have now, no, thank you very much. I will take zero returns if I need to, in exchange for the safety they provide, knowing that if the market starts going south again they are the only ones that will let me sleep well at night. If the market does well, no worries, I have plenty of equity exposure to compensate for whatever returns or lack thereof from bonds. Focus on the portfolio, not the individual components.
-
- Posts: 9881
- Joined: Mon Sep 07, 2009 2:57 pm
- Location: Milky Way
Re: Ray Dalio: Is He Saying Bonds Are Done?
What I found really interesting in listening to this video was to hear Ray say "I don't think you want bonds." Aren't bonds a core position in Dalio's "All-Weather Portfolio?" So much for the "All-Weather" part.
Best regards, -Op |
|
"In the middle of difficulty lies opportunity." Einstein
Re: Ray Dalio: Is He Saying Bonds Are Done?
Interesting. Then what does he think folks should want instead?Call_Me_Op wrote: ↑Sun Aug 02, 2020 7:11 am What I found really interesting in listening to this video was to hear Ray say "I don't think you want bonds." Aren't bonds a core position in Dalio's "All-Weather Portfolio?" So much for the "All-Weather" part.
-
- Posts: 9881
- Joined: Mon Sep 07, 2009 2:57 pm
- Location: Milky Way
Re: Ray Dalio: Is He Saying Bonds Are Done?
He mentions stocks and gold.columbia wrote: ↑Sun Aug 02, 2020 7:13 amInteresting. Then what does he think folks should want instead?Call_Me_Op wrote: ↑Sun Aug 02, 2020 7:11 am What I found really interesting in listening to this video was to hear Ray say "I don't think you want bonds." Aren't bonds a core position in Dalio's "All-Weather Portfolio?" So much for the "All-Weather" part.
One of the mistakes I see almost everyone making is viewing assets in isolation. There is little doubt that bonds (and their ilk, CDs etc) will have a negative real yield for the next several years. However, they still serve a useful purpose - as ballast for the portfolio. There is value in that function. Stocks and gold cannot serve that function. When I go to sleep at night, I know that I still have assets I can use for living expenses for the foreseeable future.
Best regards, -Op |
|
"In the middle of difficulty lies opportunity." Einstein
-
- Posts: 3633
- Joined: Thu Jul 09, 2015 7:00 pm
Re: Ray Dalio: Is He Saying Bonds Are Done?
Seems like Ray Dalio expects total return from bonds.
Bogleheads expect safety from bonds. Bogleheads expect total return from stocks.
Bogleheads expect safety from bonds. Bogleheads expect total return from stocks.
The most precious gift we can offer anyone is our attention. - Thich Nhat Hanh
Re: Ray Dalio: Is He Saying Bonds Are Done?
If one is a long term investor, I fail to see much utility in zero percent nominal long term bonds. At zero pct their "ballast" is limited, they have practically no upside exposure, and signicant downside exposure in an inflationary scenario. You could argue gold as a "ballast", at least it has upside exposure.Call_Me_Op wrote: ↑Sun Aug 02, 2020 7:27 amHe mentions stocks and gold.columbia wrote: ↑Sun Aug 02, 2020 7:13 amInteresting. Then what does he think folks should want instead?Call_Me_Op wrote: ↑Sun Aug 02, 2020 7:11 am What I found really interesting in listening to this video was to hear Ray say "I don't think you want bonds." Aren't bonds a core position in Dalio's "All-Weather Portfolio?" So much for the "All-Weather" part.
One of the mistakes I see almost everyone making is viewing assets in isolation. There is little doubt that bonds (and their ilk, CDs etc) will have a negative real yield for the next several years. However, they still serve a useful purpose - as ballast for the portfolio. There is value in that function. Stocks and gold cannot serve that function. When I go to sleep at night, I know that I still have assets I can use for living expenses for the foreseeable future.
That doesn't mean buy more stocks. It means finding other places to park a portion of your portfolio for safety. Cash. High yield bank accounts. Ibonds, cds, TIPS etc
Re: Ray Dalio: Is He Saying Bonds Are Done?
Some of us would like some return from bond funds- if possible. I am thinking of retirees with portfolios in the 70-80% fixed income range in their portfolio.finite_difference wrote: ↑Sun Aug 02, 2020 12:35 pm Seems like Ray Dalio expects total return from bonds.
Bogleheads expect safety from bonds. Bogleheads expect total return from stocks.
Re: Ray Dalio: Is He Saying Bonds Are Done?
Every one of those suggestions has the same problem as normal bonds. What high yield bank accounts are you talking about?
Ibonds would be my favorite probably, but we can only buy $20,000 a year.
"The best tools available to us are shovels, not scalpels. Don't get carried away." - vanBogle59
Re: Ray Dalio: Is He Saying Bonds Are Done?
Bank accounts are short term, so at least you aren't locking in long term. I don't have any cds, but rates are probably higher than 10 year bonds. EEBONDS could be interesting if you can wait 20 years.
$20k ibonds per year doesn't seem like a lot, but do that over many years and it adds up. TIPS also have negative real return, but at least inflation protection.
Re: Ray Dalio: Is He Saying Bonds Are Done?
I haven't got a clue what you're talking about. 98 cents on the dollar? 11 cents You've lost me completely.Call_Me_Op wrote: ↑Sun Aug 02, 2020 6:52 amAlthough one can argue that 98 cents on the dollar is better than 11 cents. All depends upon your perspective and time frame.steve321 wrote: ↑Sat Aug 01, 2020 1:38 pmyou won't preserve your capital with bonds; after taxes and inflation it's pretty clear that you'll lose some of your capital.AerialWombat wrote: ↑Sat Aug 01, 2020 7:47 am
I hold fixed income securities for capital preservation.
Success does not bring happiness. In fact, happiness IS success. |
'There are only two tragedies in life: one is not getting what one wants, and the other is getting it.' Oscar Wilde
-
- Posts: 2
- Joined: Wed Nov 04, 2020 4:01 pm
-
- Posts: 7
- Joined: Sat May 16, 2020 11:12 am
Re: Ray Dalio: Is He Saying Bonds Are Done?
If Bond's are done what should I switch to?
I have been investing in the all-weather portfolio using the below investments:
30% Vanguard Total Stock Market ETF (VTI) (stocks)
40% iShares 20+ Year Treasury ETF (TLT) (long term bonds)
15% iShares 7 – 10 Year Treasury ETF (IEF) (medium-term bonds)
7.5% SPDR Gold Shares ETF (GLD) (GOLD)
7.5% PowerShares DB Commodity Index Tracking Fund (DBC) (Commoditiy)
I have been investing in the all-weather portfolio using the below investments:
30% Vanguard Total Stock Market ETF (VTI) (stocks)
40% iShares 20+ Year Treasury ETF (TLT) (long term bonds)
15% iShares 7 – 10 Year Treasury ETF (IEF) (medium-term bonds)
7.5% SPDR Gold Shares ETF (GLD) (GOLD)
7.5% PowerShares DB Commodity Index Tracking Fund (DBC) (Commoditiy)
Re: Ray Dalio: Is He Saying Bonds Are Done?
If you lose 2% to inflation, that's better than a 89% crash in stocks (which happened during the Great Depression)steve321 wrote: ↑Wed Aug 05, 2020 8:36 amI haven't got a clue what you're talking about. 98 cents on the dollar? 11 cents You've lost me completely.Call_Me_Op wrote: ↑Sun Aug 02, 2020 6:52 amAlthough one can argue that 98 cents on the dollar is better than 11 cents. All depends upon your perspective and time frame.steve321 wrote: ↑Sat Aug 01, 2020 1:38 pmyou won't preserve your capital with bonds; after taxes and inflation it's pretty clear that you'll lose some of your capital.AerialWombat wrote: ↑Sat Aug 01, 2020 7:47 am
I hold fixed income securities for capital preservation.
"The best tools available to us are shovels, not scalpels. Don't get carried away." - vanBogle59
-
- Posts: 25625
- Joined: Thu Apr 05, 2007 8:20 pm
- Location: New York
Re: Ray Dalio: Is He Saying Bonds Are Done?
Stay right where you are. If you aren’t able to stay the course, you have no business investing in anything. With 55 percent fixed income you are in good shape.james12345 wrote: ↑Thu Sep 16, 2021 2:22 pm If Bond's are done what should I switch to?
I have been investing in the all-weather portfolio using the below investments:
30% Vanguard Total Stock Market ETF (VTI) (stocks)
40% iShares 20+ Year Treasury ETF (TLT) (long term bonds)
15% iShares 7 – 10 Year Treasury ETF (IEF) (medium-term bonds)
7.5% SPDR Gold Shares ETF (GLD) (GOLD)
7.5% PowerShares DB Commodity Index Tracking Fund (DBC) (Commoditiy)
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions
Re: Ray Dalio: Is He Saying Bonds Are Done?
I hate to go against "staying the course", but that much in long-term bonds seems scary to me.Grt2bOutdoors wrote: ↑Thu Sep 16, 2021 2:47 pmStay right where you are. If you aren’t able to stay the course, you have no business investing in anything. With 55 percent fixed income you are in good shape.james12345 wrote: ↑Thu Sep 16, 2021 2:22 pm If Bond's are done what should I switch to?
I have been investing in the all-weather portfolio using the below investments:
30% Vanguard Total Stock Market ETF (VTI) (stocks)
40% iShares 20+ Year Treasury ETF (TLT) (long term bonds)
15% iShares 7 – 10 Year Treasury ETF (IEF) (medium-term bonds)
7.5% SPDR Gold Shares ETF (GLD) (GOLD)
7.5% PowerShares DB Commodity Index Tracking Fund (DBC) (Commoditiy)
I'm not a big fan of the "all-weather" portfolio. Heck, Ray Dalio himself doesn't believe in it.
"The best tools available to us are shovels, not scalpels. Don't get carried away." - vanBogle59
-
- Posts: 25625
- Joined: Thu Apr 05, 2007 8:20 pm
- Location: New York
Re: Ray Dalio: Is He Saying Bonds Are Done?
Here’s the thing, if the OP’s duration horizon is at least that of the long term bonds, then it shouldn’t have as much impact. On the other hand, if equities decline by 89 percent, holding those long bonds will be very useful indeed, especially since they are of US Treasuries. I’m not expecting a Great Depression but there will be a recession or two at some point. Let’s say bond taper occurs, it could transpire with outright stoppage of purchases or my thought is the treasury will simply start to let existing bonds mature and be redeemed. I expect a gradual normalization of rates, not sudden jarring increases but all bets are off if “transitory” inflation doesn’t moderate by next year. Today’s WSJ has article on how logistics inflation is still filtering into the cost of goods with no end in sight near term, that will be passed down to the end of the user at some point. If the high costs at production don’t slow down we are going to see a faster response on money supply.HomerJ wrote: ↑Thu Sep 16, 2021 2:58 pmI hate to go against "staying the course", but that much in long-term bonds seems scary to me.Grt2bOutdoors wrote: ↑Thu Sep 16, 2021 2:47 pmStay right where you are. If you aren’t able to stay the course, you have no business investing in anything. With 55 percent fixed income you are in good shape.james12345 wrote: ↑Thu Sep 16, 2021 2:22 pm If Bond's are done what should I switch to?
I have been investing in the all-weather portfolio using the below investments:
30% Vanguard Total Stock Market ETF (VTI) (stocks)
40% iShares 20+ Year Treasury ETF (TLT) (long term bonds)
15% iShares 7 – 10 Year Treasury ETF (IEF) (medium-term bonds)
7.5% SPDR Gold Shares ETF (GLD) (GOLD)
7.5% PowerShares DB Commodity Index Tracking Fund (DBC) (Commoditiy)
I'm not a big fan of the "all-weather" portfolio. Heck, Ray Dalio himself doesn't believe in it.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions
Re: Ray Dalio: Is He Saying Bonds Are Done?
Personally I would add international stocks and either shorten duration or mix in TIPS on the bond side.james12345 wrote: ↑Thu Sep 16, 2021 2:22 pm If Bond's are done what should I switch to?
I have been investing in the all-weather portfolio using the below investments:
30% Vanguard Total Stock Market ETF (VTI) (stocks)
40% iShares 20+ Year Treasury ETF (TLT) (long term bonds)
15% iShares 7 – 10 Year Treasury ETF (IEF) (medium-term bonds)
7.5% SPDR Gold Shares ETF (GLD) (GOLD)
7.5% PowerShares DB Commodity Index Tracking Fund (DBC) (Commoditiy)
Re: Ray Dalio: Is He Saying Bonds Are Done?
If I want to slowly lose money over the long run, I'll buy bonds. I Bonds seem like the exception before taxes.
-
- Posts: 16054
- Joined: Fri Nov 06, 2020 12:41 pm
Re: Ray Dalio: Is He Saying Bonds Are Done?
The only issue is you're capped at 10K/year or w/e. It's not a bad idea to build up year in and year out, but takes years to gather a sizable amount of I bonds.
Re: Ray Dalio: Is He Saying Bonds Are Done?
I agree. But there's not a whole lot else to buy.Marseille07 wrote: ↑Fri Sep 17, 2021 7:29 pmThe only issue is you're capped at 10K/year or w/e. It's not a bad idea to build up year in and year out, but takes years to gather a sizable amount of I bonds.
Re: Ray Dalio: Is He Saying Bonds Are Done?
.....
Last edited by mary1492 on Thu Sep 29, 2022 8:08 am, edited 1 time in total.
Re: Ray Dalio: Is He Saying Bonds Are Done?
I will listen to people, even if I don't agree with them on all points, because I believe that I can learn something. Not sure where you got the idea that just because I will listen to Dalio that therefore I should go out and buy a bunch of Bitcoin. Connecting dots that aren't there.mary1492 wrote: ↑Fri Sep 17, 2021 7:43 pmWell, then you should be putting money into Bitcoin - because that's what he's doing.nedsaid wrote: ↑Fri Jul 31, 2020 6:12 pmDalio knows a lot more about risk and markets than I do. He also has run a successful hedge fund. He also is very well connected. So if he has an opinion, my ears will perk up and I will sit up and listen. I suppose the same way that I listen to Jim Cramer. It doesn't mean that I will rearrange my portfolio every time Dalio or Cramer speaks but I will try to learn from them. I try to learn from Cramer even if I sometimes regard him as a screaming maniac. It is pretty well known that I am a fan of Larry Swedroe, I take what he says into consideration but I can't say that I invest like him.HomerJ wrote: ↑Fri Jul 31, 2020 12:25 pm Ray Dalio can't predict the future any better than anyone else. What does it matter what he thinks?
https://www.bloomberg.com/news/articles ... ar-returnsAs of December 2019, Dalio’s flagship had returned an annualized 3.8% since the start of 2012
Dalio has been wrong for the past few years. He's now going off the deep end with risk, because he's unable to get returns as he has historically been able to and is scrambling for some way to show success. Taking on more risk is generally not the right approach, especially with the economic and market conditions we have at this time. Taking on extreme risk is likely a recipe for disaster.
A fool and his money are good for business.
Re: Ray Dalio: Is He Saying Bonds Are Done?
If you're married, you can easily buy $20k a year.Marseille07 wrote: ↑Fri Sep 17, 2021 7:29 pmThe only issue is you're capped at 10K/year or w/e. It's not a bad idea to build up year in and year out, but takes years to gather a sizable amount of I bonds.
Only takes 10 years to have over $200k in what is inflation-protected savings account.
That's a solid amount to have completely safe.
"The best tools available to us are shovels, not scalpels. Don't get carried away." - vanBogle59
-
- Posts: 9477
- Joined: Sun Oct 08, 2017 7:16 pm
Re: Ray Dalio: Is He Saying Bonds Are Done?
I agree.HomerJ wrote: ↑Sat Sep 18, 2021 2:27 pmIf you're married, you can easily buy $20k a year.Marseille07 wrote: ↑Fri Sep 17, 2021 7:29 pmThe only issue is you're capped at 10K/year or w/e. It's not a bad idea to build up year in and year out, but takes years to gather a sizable amount of I bonds.
Only takes 10 years to have over $200k in what is inflation-protected savings account.
That's a solid amount to have completely safe.
-
- Posts: 3918
- Joined: Sun Apr 03, 2016 5:41 pm
Re: Ray Dalio: Is He Saying Bonds Are Done?
It will grow better without the bonds, over the long run.UpperNwGuy wrote: ↑Sat Sep 18, 2021 2:31 pmIf I want my portfolio to grow over the long run, I'll buy a mix of equities and bonds. It's a proven formula.
-
- Posts: 9477
- Joined: Sun Oct 08, 2017 7:16 pm
Re: Ray Dalio: Is He Saying Bonds Are Done?
Of course it will. We all know that. However, some of us, perhaps most of us, don't want the wild ride of 100% equities.TropikThunder wrote: ↑Sat Sep 18, 2021 2:44 pmIt will grow better without the bonds, over the long run.UpperNwGuy wrote: ↑Sat Sep 18, 2021 2:31 pmIf I want my portfolio to grow over the long run, I'll buy a mix of equities and bonds. It's a proven formula.