Thanks for taking the time to comment here Matthew.

My take on this question is that (for me) investing in bonds should be limited to the portion of portfolio not intended for retirement. Even for retirement, bonds become important, but mostly in the last few years befits retirement and then in retirement itself.

Sure, bonds mitigate the paper losses of a major market downturn, but at the expense of dramatically lower long term potential return. Especially when you look at inflation-adjusted returns, bonds have long-term barely-positive returns, compared to equities’ real returns in the mid single digits.