Subject: Re: OT 90/10 portfolio (Barron’s)
…Bonds just aren’t as attractive as stocks.

But we don't hold bonds for high returns. We hold them because we can't handle seeing our net worth drop by 50%*. So, we offset a bit, or a lot, with some "bonds".

I'm counting T-bills as "bonds", the 10% in the Buffett 90/10 portfolio.

* Really happened to me in 08/09. Down 50-odd% at one point. Vowed never to do that again. Currently 80% stocks, with the 20% being more than total net worth in 2008.