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...But let me get this straight. I have around 20 years to retirement. I am invested mostly in stocks and would like to increase bond exposure. But I should wait until interest rates go back up, right? For the time being, since I have a relatively long time line, and since stock is so low right now, I should be making my contributions into my stock funds, and add to my bond fund when stocks go up. Yes?

Like I say, excuse my ignorance. This is my first bear market. I only started to learn about investing a few years ago, and bonds are just an enigma to me.

I'm not sure why you consider stock to be "so low right now". While it's true prices have dropped from where they were two years ago, stocks remain overvalued compared to other investments, including bonds. If you can say, with certainty, that stocks will outperform bonds over the next 5 years, then perhaps you can justify having a 100% stock portfolio. Otherwise, it makes sense to spread your bets around and put at least something into bonds.

It's also true that bonds aren't very cheap either. You should probably focus on short-term bonds or short-term bond funds, as these will suffer less should bond prices drop from their highs today.
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