The primary reason to have some bond exposure is to protect oneself from a severe bear market when it will do the most harm. - CABoB ----------------------I would temper this by substituting "fixed income" for "bonds". For instance, right now it makes no sense to me to own bond funds. The rising interest rate environment produces NAV erosion greater than the income and your portfolio loses value. In a period of rising rates, short term CD's and MM's are the best vehicle for that portion of ones asset allocation IMHO.
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