Are you glad to have bonds in your AA? I am.

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baritone
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Location: New Mexico

Re: Are you glad to have bonds in your AA? I am.

Post by baritone » Sat Feb 29, 2020 12:07 pm

My AA is about 35/65 because I'm a geezer (74). Since I'm not a knowledgable or sophisticated investor, can anyone tell me why the diversification advice (stocks go down, bonds go up) isn't really working. I see VFIAX going head-first into the toilet but VBTLX not really keeping up as I anticipated.
Don't use too many big words, youngsters.

Not edited by me. WTF?
EDIT: my Bonds AA are all in FXNAX Fidelity® U.S. Bond Index Fund
Job Status/Age Group = Retired
[/quote]
Last edited by baritone on Sat Feb 29, 2020 10:42 pm, edited 1 time in total.

alluringreality
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Re: Are you glad to have bonds in your AA? I am.

Post by alluringreality » Sat Feb 29, 2020 12:08 pm

bugleheadd wrote:
Sat Feb 29, 2020 10:39 am
i dont have bonds, but i have cash. i do wish i put in bonds as it has done better than a high yield savings cash account. but with rates low i thought there was more downside risk to bonds than upside. BND price seem high right now.
I also have cash and CDs, which seemed a reasonable plan until the Fed changed course in 2019. I thought bonds were already overpriced 7 months ago, when I started working on revising my investment plan, so recent bond prices seem like an even worse buy to me at this point. With Friday's treasury 20 year rates 0.01% above 1 month rates, and 30 year 0.2% above 1 month rates, I figure the Fed will again drop rates. Such a move will likely drive bond prices even higher near-term. As a long-term investor all I see is how there will likely be an eventual dip and flat bond returns going forward by buying into bond funds at this point. The money I was planning on putting into I Bonds in April will probably go into the stock market, since I Bond rates can only drop 0.2% at this point and I can still buy when CDs mature. As a long-term investor, all I can really do is hope that somehow EE bond terms remain the same, but with 20 year rates on EE bonds being 2% higher than Friday's rates that could eventually change again by pushing the doubling past 20 years.
baritone wrote:
Sat Feb 29, 2020 12:07 pm
can anyone tell me why the diversification advice (stocks go down, bonds go up) isn't really working. I see VFIAX going head-first into the toilet but VBTLX not really keeping up as I anticipated.
It's basically working the best that can be expected, in the sense that bond returns have been on a tear for over a year. Bond returns are not really expected to keep up with stock losses, even at your percentages. Bonds are expected to both go up and down in price less significantly than stocks. Really you don't want your bonds to be able to go up in price to counter the stock event from the past week, because if they did that then they could fall in price just as quickly.
Last edited by alluringreality on Sat Feb 29, 2020 12:26 pm, edited 1 time in total.
Targets: 15% I Bonds, 15% EE Bonds, 45% US Stock (Mid & Small Tilt), 25% Ex-US Stock (Small Tilt)

InvestingGeek
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Re: Are you glad to have bonds in your AA? I am.

Post by InvestingGeek » Sat Feb 29, 2020 12:23 pm

baritone wrote:
Sat Feb 29, 2020 12:07 pm
My AA is about 35/65 because I'm a geezer (74). Since I'm not a knowledgable or sophisticated investor, can anyone tell me why the diversification advice (stocks go down, bonds go up) isn't really working. I see VFIAX going head-first into the toilet but VBTLX not really keeping up as I anticipated.
Don't use too many big words, youngsters.

EDIT: my Bonds AA are all in FXNAX Fidelity® U.S. Bond Index Fund
Job Status/Age Group = Retired
Stock and bond movements are not correlated, which is to say they move independently. They could both go down, up or in different directions. Having both is a way to diversify and hedge your bets a bit. No guarantee that it'll always work out.

tombonneau
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Re: Are you glad to have bonds in your AA? I am.

Post by tombonneau » Sat Feb 29, 2020 12:27 pm

Escapevelocity wrote:
Sat Feb 29, 2020 9:05 am
zonto wrote:
Sat Feb 29, 2020 8:08 am
I’m a relatively conservative younger accumulator with a high savings rate. Have held a globally diversified 70/30 portfolio for years. After extensive research, last year I moved my bond allocation from Vanguard’s recommended US and international (hedged) index split into 100% long-term U.S. Treasurys using Fidelity’s Long Term Treasury Index (FNBGX) and Vanguard Extended Duration Treasury Index (EDV). The latter is up nearly 20% YTD. This allocation has helped me stay sane this week, especially because I end up front-loading retirement accounts for the year at the end of January due to annual bonus payout from the prior calendar year.

Thanks to @vineviz and others who posted on the topic, in threads like this: viewtopic.php?t=285269.
You’ve hit the jackpot on those long term bonds but I would get the hell out of them into short duration or at least intermediate ones. The bond market is a ticking time bond of interest rate risk now and very little upside left.
Not trying to single you out, but it's funny: as someone who has been considering adding LT bonds I've been doing a lot of research the last few months and reading tons of old BH threads on the topic. And you can see comments exactly like this about the bond market and LT bonds spanning decades. 2004, 2008, 2011, 2014, 2016, 2019, 2020. Doesn't matter. Bonds are always ready to pop and the party is over. It's coming right up! Just wait. :D

As the man said: No one knows nothing.

(Including proper grammar.)

ballons
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Re: Are you glad to have bonds in your AA? I am.

Post by ballons » Sat Feb 29, 2020 12:35 pm

15/85 and no. It means I was right and I have to eventually accept terrible yields or be forced into equities in the future.

FYI, I was embarrassed by how conservative I was being changing things in Dec/Jan.
Escapevelocity wrote:
Sat Feb 29, 2020 3:41 am
Those folks who are rejoicing in 8-10% returns on bonds recently need to understand that these returns are not going to be repeated this year or any time soon. The bond market has gotten about as high as its likely to get now and there is now considerable risk of a loss of principal (although the magnitude of the potential drop is less) with the average bond fund. For this reason I’ve moved a big chunk of my bond funds into ultra short term and higher quality. This is only marginally different than money market but I’ll be damned if I’m going to lose 5-10% of my bond holdings due to a sudden spike in interest rates or a flight to quality just to earn an extra 50-100 basis points of yield that a higher duration or lower quality portfolio in a core type bond fund is going to throw off as rates bottom out
Rates can continue to fall for the rest of the year and worse--go negative. Corporate debt bubble has more chance of popping than interest rate spikes.

birnhamwood
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Re: Are you glad to have bonds in your AA? I am.

Post by birnhamwood » Sat Feb 29, 2020 1:49 pm

My paper assets are 100% Vanguard Total Bond Index Admiral.

At age 85, I don't need to make money, just keep up with inflation.

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watchnerd
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Re: Are you glad to have bonds in your AA? I am.

Post by watchnerd » Sat Feb 29, 2020 2:19 pm

Escapevelocity wrote:
Sat Feb 29, 2020 9:05 am
You’ve hit the jackpot on those long term bonds but I would get the hell out of them into short duration or at least intermediate ones. The bond market is a ticking time bond of interest rate risk now and very little upside left.
Is the interest rate risk any different from 12 months ago?

Evidence on trying to market time interest rates shows it's no easier than the stock market.
70% Global Market Weight Equities | 15% Long Treasuries 15% short TIPS & cash || RSU + ESPP

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watchnerd
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Re: Are you glad to have bonds in your AA? I am.

Post by watchnerd » Sat Feb 29, 2020 2:24 pm

ballons wrote:
Sat Feb 29, 2020 12:35 pm


Rates can continue to fall for the rest of the year and worse--go negative. Corporate debt bubble has more chance of popping than interest rate spikes.
Plus possibly deflation.

My main rationale for holding Long Treasuries is their volatility.

The short end of my bond / cash barbell is for stability.
70% Global Market Weight Equities | 15% Long Treasuries 15% short TIPS & cash || RSU + ESPP

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Bluce
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Re: Are you glad to have bonds in your AA? I am.

Post by Bluce » Sat Feb 29, 2020 3:06 pm

Escapevelocity wrote:
Sat Feb 29, 2020 9:05 am
zonto wrote:
Sat Feb 29, 2020 8:08 am
I’m a relatively conservative younger accumulator with a high savings rate. Have held a globally diversified 70/30 portfolio for years. After extensive research, last year I moved my bond allocation from Vanguard’s recommended US and international (hedged) index split into 100% long-term U.S. Treasurys using Fidelity’s Long Term Treasury Index (FNBGX) and Vanguard Extended Duration Treasury Index (EDV). The latter is up nearly 20% YTD. This allocation has helped me stay sane this week, especially because I end up front-loading retirement accounts for the year at the end of January due to annual bonus payout from the prior calendar year.

Thanks to @vineviz and others who posted on the topic, in threads like this: viewtopic.php?t=285269.
You’ve hit the jackpot on those long term bonds but I would get the hell out of them into short duration or at least intermediate ones. The bond market is a ticking time bond of interest rate risk now and very little upside left.
Not that I'm wishing for it (I hope it doesn't happen) but rates can go negative if bond prices rise from where they are now.
"There are no new ideas, only forgotten ones." -- Amity Shlaes

pascalwager
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Re: Are you glad to have bonds in your AA? I am.

Post by pascalwager » Sat Feb 29, 2020 4:25 pm

Escapevelocity wrote:
Sat Feb 29, 2020 9:05 am
zonto wrote:
Sat Feb 29, 2020 8:08 am
I’m a relatively conservative younger accumulator with a high savings rate. Have held a globally diversified 70/30 portfolio for years. After extensive research, last year I moved my bond allocation from Vanguard’s recommended US and international (hedged) index split into 100% long-term U.S. Treasurys using Fidelity’s Long Term Treasury Index (FNBGX) and Vanguard Extended Duration Treasury Index (EDV). The latter is up nearly 20% YTD. This allocation has helped me stay sane this week, especially because I end up front-loading retirement accounts for the year at the end of January due to annual bonus payout from the prior calendar year.

Thanks to @vineviz and others who posted on the topic, in threads like this: viewtopic.php?t=285269.
You’ve hit the jackpot on those long term bonds but I would get the hell out of them into short duration or at least intermediate ones. The bond market is a ticking time bond of interest rate risk now and very little upside left.
Just select bond duration to match your investment horizon. This will balance both kinds of interest rate risk. But limit long-term bonds to 20% AA.
Retired, pension, no SS | Bond funds: TIPS, TBM | Global stocks: total market, large value, small company, emerging market funds

Escapevelocity
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Re: Are you glad to have bonds in your AA? I am.

Post by Escapevelocity » Sat Feb 29, 2020 4:50 pm

HEDGEFUNDIE wrote:
Sat Feb 29, 2020 11:51 am
Escapevelocity wrote:
Sat Feb 29, 2020 9:05 am
zonto wrote:
Sat Feb 29, 2020 8:08 am
I’m a relatively conservative younger accumulator with a high savings rate. Have held a globally diversified 70/30 portfolio for years. After extensive research, last year I moved my bond allocation from Vanguard’s recommended US and international (hedged) index split into 100% long-term U.S. Treasurys using Fidelity’s Long Term Treasury Index (FNBGX) and Vanguard Extended Duration Treasury Index (EDV). The latter is up nearly 20% YTD. This allocation has helped me stay sane this week, especially because I end up front-loading retirement accounts for the year at the end of January due to annual bonus payout from the prior calendar year.

Thanks to @vineviz and others who posted on the topic, in threads like this: viewtopic.php?t=285269.
You’ve hit the jackpot on those long term bonds but I would get the hell out of them into short duration or at least intermediate ones. The bond market is a ticking time bond of interest rate risk now and very little upside left.
Do you market time your stocks too?
No, I do not, but bonds are mathematically bound on the upside by zero rates unless you are assuming that we’re going into a negative interest rate environment but even then how negative could we go on rates.

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Bluce
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Re: Are you glad to have bonds in your AA? I am.

Post by Bluce » Sat Feb 29, 2020 5:33 pm

Escapevelocity wrote:
Sat Feb 29, 2020 4:50 pm
HEDGEFUNDIE wrote:
Sat Feb 29, 2020 11:51 am
Escapevelocity wrote:
Sat Feb 29, 2020 9:05 am
zonto wrote:
Sat Feb 29, 2020 8:08 am
I’m a relatively conservative younger accumulator with a high savings rate. Have held a globally diversified 70/30 portfolio for years. After extensive research, last year I moved my bond allocation from Vanguard’s recommended US and international (hedged) index split into 100% long-term U.S. Treasurys using Fidelity’s Long Term Treasury Index (FNBGX) and Vanguard Extended Duration Treasury Index (EDV). The latter is up nearly 20% YTD. This allocation has helped me stay sane this week, especially because I end up front-loading retirement accounts for the year at the end of January due to annual bonus payout from the prior calendar year.

Thanks to @vineviz and others who posted on the topic, in threads like this: viewtopic.php?t=285269.
You’ve hit the jackpot on those long term bonds but I would get the hell out of them into short duration or at least intermediate ones. The bond market is a ticking time bond of interest rate risk now and very little upside left.
Do you market time your stocks too?
No, I do not, but bonds are mathematically bound on the upside by zero rates unless you are assuming that we’re going into a negative interest rate environment but even then how negative could we go on rates.
Heh, it depends on how much existing bond prices get bid up. This has happened in Europe, where people buy bonds betting that lower-coupon bonds will be issued in the future, making their existing bonds worth more than they paid for them. They are betting that capital appreciation will be more than the negative yield.

This is all ridiculous nonsense but I hope it ends within my (short) time remaining on this world.
"There are no new ideas, only forgotten ones." -- Amity Shlaes

baritone
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Location: New Mexico

Re: Are you glad to have bonds in your AA? I am.

Post by baritone » Sat Feb 29, 2020 10:42 pm

baritone wrote:
Sat Feb 29, 2020 12:07 pm
My AA is about 35/65 because I'm a geezer (74). Since I'm not a knowledgable or sophisticated investor, can anyone tell me why the diversification advice (stocks go down, bonds go up) isn't really working. I see VFIAX going head-first into the toilet but VBTLX not really keeping up as I anticipated.
Don't use too many big words, youngsters.


Uh...I did not make this edit. I wonder how someone could manage that.
EDIT: my Bonds AA are all in FXNAX Fidelity® U.S. Bond Index Fund
Job Status/Age Group = Retired
[/quote]

palanzo
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Re: Are you glad to have bonds in your AA? I am.

Post by palanzo » Sat Feb 29, 2020 11:41 pm

pascalwager wrote:
Sat Feb 29, 2020 4:25 pm
Escapevelocity wrote:
Sat Feb 29, 2020 9:05 am
zonto wrote:
Sat Feb 29, 2020 8:08 am
I’m a relatively conservative younger accumulator with a high savings rate. Have held a globally diversified 70/30 portfolio for years. After extensive research, last year I moved my bond allocation from Vanguard’s recommended US and international (hedged) index split into 100% long-term U.S. Treasurys using Fidelity’s Long Term Treasury Index (FNBGX) and Vanguard Extended Duration Treasury Index (EDV). The latter is up nearly 20% YTD. This allocation has helped me stay sane this week, especially because I end up front-loading retirement accounts for the year at the end of January due to annual bonus payout from the prior calendar year.

Thanks to @vineviz and others who posted on the topic, in threads like this: viewtopic.php?t=285269.
You’ve hit the jackpot on those long term bonds but I would get the hell out of them into short duration or at least intermediate ones. The bond market is a ticking time bond of interest rate risk now and very little upside left.
Just select bond duration to match your investment horizon. This will balance both kinds of interest rate risk. But limit long-term bonds to 20% AA.
If one is retired then what is one's investment horizon?

saulg
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Re: Are you glad to have bonds in your AA? I am.

Post by saulg » Sun Mar 01, 2020 1:04 am

If one is retired then what is one's investment horizon?
Expected date of expiration?

gamboolman
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Re: Are you glad to have bonds in your AA? I am.

Post by gamboolman » Sun Mar 01, 2020 10:18 am

Age 60 and on the verge of retiring. Yes we are glad we have Bonds and for us Cash also.

We had planned to retire 1-Jan-20 but got asked to stay on a little longer....so we did.

In preparation for retirement we had drifted to 35 equities / 51 bonds / 14 cash. So we need to ease back to get the equities into the lower to mid 40's but will do so slowly.

We are not big tinkerers and obsessed with maintaining the AA obsessively.

Our target AA is ~45/45/10

Now with the current status of the market, we are considering working the rest of 2020 and potentially retiring 1-Jan-21. I'll admit to being abit skittish about giving up the paycheck after 42 years of working the oil patch.....even though the numbers and calculators say go, it's a big step for us.

But glad we have bonds funds in our portfolio for sure.

palanzo
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Re: Are you glad to have bonds in your AA? I am.

Post by palanzo » Sun Mar 01, 2020 11:01 am

saulg wrote:
Sun Mar 01, 2020 1:04 am
If one is retired then what is one's investment horizon?
Expected date of expiration?
That's hardly useful for planning purposes is it?

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Bluce
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Re: Are you glad to have bonds in your AA? I am.

Post by Bluce » Sun Mar 01, 2020 11:15 am

palanzo wrote:
Sun Mar 01, 2020 11:01 am
saulg wrote:
Sun Mar 01, 2020 1:04 am
If one is retired then what is one's investment horizon?
Expected date of expiration?
That's hardly useful for planning purposes is it?
I use it, dark though it may be. Of course there are no guarantees either way.

Both my parents died at age 86, and neither ever smoked or drank -- I've done both. I quit tobacco 100% in 1999, but there is still some un-measurable amount of risk from that. I started drinking around 1967 and still am.

I will be 70 this summer and odds are I won't go much past 80, if even that. So it makes planning easy, lol. Of course I could live to be 90 or even 100 but the odds are against it.
"There are no new ideas, only forgotten ones." -- Amity Shlaes

DJWaldron
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Re: Are you glad to have bonds in your AA? I am.

Post by DJWaldron » Sun Mar 01, 2020 1:20 pm

Yes - At age 59, 3.5 years to retirement, I sleep well with a 50/50 allocation.

palanzo
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Re: Are you glad to have bonds in your AA? I am.

Post by palanzo » Sun Mar 01, 2020 1:41 pm

Bluce wrote:
Sun Mar 01, 2020 11:15 am
palanzo wrote:
Sun Mar 01, 2020 11:01 am
saulg wrote:
Sun Mar 01, 2020 1:04 am
If one is retired then what is one's investment horizon?
Expected date of expiration?
That's hardly useful for planning purposes is it?
I use it, dark though it may be. Of course there are no guarantees either way.

Both my parents died at age 86, and neither ever smoked or drank -- I've done both. I quit tobacco 100% in 1999, but there is still some un-measurable amount of risk from that. I started drinking around 1967 and still am.

I will be 70 this summer and odds are I won't go much past 80, if even that. So it makes planning easy, lol. Of course I could live to be 90 or even 100 but the odds are against it.
I understand. I was thinking more than we don't really know the date and we may be wrong by ±10 years.

Presintense
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Re: Are you glad to have bonds in your AA? I am.

Post by Presintense » Sun Mar 01, 2020 1:45 pm

cashboy wrote:
Fri Feb 28, 2020 7:10 pm
well, that was quite a week... :? (*)

over the past several months there have been threads about 'why bonds?' or 'how much bonds?'.

here at the end of 'this week;' i can say i am glad to have bonds in my AA of 50/50 (or what used to be 50/50 :? ).

if you have bonds in your AA this week, are you glad you did?

do you wish you had more or less?

me? 50/50 worked out well for me (based on my IPS and AA goals and age).

(*) 2/24/2020-2/28/2020

EDIT: my Bonds AA are all in FXNAX Fidelity® U.S. Bond Index Fund
Job Status/Age Group = Retired
I’ve always been glad to have bonds in my portfolio. Not because of last week, etc. but because they fit my risk tolerance regardless of what the market is doing any on any given day.
Performance = Potential - Distraction

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Bluce
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Re: Are you glad to have bonds in your AA? I am.

Post by Bluce » Sun Mar 01, 2020 3:32 pm

palanzo wrote:
Sun Mar 01, 2020 1:41 pm
Bluce wrote:
Sun Mar 01, 2020 11:15 am
palanzo wrote:
Sun Mar 01, 2020 11:01 am
saulg wrote:
Sun Mar 01, 2020 1:04 am
If one is retired then what is one's investment horizon?
Expected date of expiration?
That's hardly useful for planning purposes is it?
I use it, dark though it may be. Of course there are no guarantees either way.

Both my parents died at age 86, and neither ever smoked or drank -- I've done both. I quit tobacco 100% in 1999, but there is still some un-measurable amount of risk from that. I started drinking around 1967 and still am.

I will be 70 this summer and odds are I won't go much past 80, if even that. So it makes planning easy, lol. Of course I could live to be 90 or even 100 but the odds are against it.
I understand. I was thinking more than we don't really know the date and we may be wrong by ±10 years.
:sharebeer My points were somewhat tongue-in-cheek, although not completely.

My parents had neither heart disease, cancer, nor diabetes. They died of old age at 86.

I am a cancer survivor and have abused my bod, as stated, so my odds of reaching 86 are not good. :beer

So, in my 70th year, I have a very cautious portfolio. It doesn't have to last that long, although I only need the interest/divvies to retire on so it could last, theoretically, forever.
"There are no new ideas, only forgotten ones." -- Amity Shlaes

pascalwager
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Re: Are you glad to have bonds in your AA? I am.

Post by pascalwager » Sun Mar 01, 2020 4:19 pm

palanzo wrote:
Sat Feb 29, 2020 11:41 pm
pascalwager wrote:
Sat Feb 29, 2020 4:25 pm
Escapevelocity wrote:
Sat Feb 29, 2020 9:05 am
zonto wrote:
Sat Feb 29, 2020 8:08 am
I’m a relatively conservative younger accumulator with a high savings rate. Have held a globally diversified 70/30 portfolio for years. After extensive research, last year I moved my bond allocation from Vanguard’s recommended US and international (hedged) index split into 100% long-term U.S. Treasurys using Fidelity’s Long Term Treasury Index (FNBGX) and Vanguard Extended Duration Treasury Index (EDV). The latter is up nearly 20% YTD. This allocation has helped me stay sane this week, especially because I end up front-loading retirement accounts for the year at the end of January due to annual bonus payout from the prior calendar year.

Thanks to @vineviz and others who posted on the topic, in threads like this: viewtopic.php?t=285269.
You’ve hit the jackpot on those long term bonds but I would get the hell out of them into short duration or at least intermediate ones. The bond market is a ticking time bond of interest rate risk now and very little upside left.
Just select bond duration to match your investment horizon. This will balance both kinds of interest rate risk. But limit long-term bonds to 20% AA.
If one is retired then what is one's investment horizon?
A retiree can use the SS actuarial table life expectancy for bonds duration. BH "vineviz" covered this in some of his posts. For example, for someone age 77, the duration would be 10 years. I don't have access to the funds needed to produce 10 years duration, so I just use intermediate-term for an overall duration of 6.8 years. This means my gains will probably be less, but probably not a problem in my case.

For a younger, say, pre-retiree, the calculation is different: 99 years minus current age / 2. This is a simplification of the basic CFA formula.
Retired, pension, no SS | Bond funds: TIPS, TBM | Global stocks: total market, large value, small company, emerging market funds

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happysteward
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Re: Are you glad to have bonds in your AA? I am.

Post by happysteward » Sun Mar 01, 2020 8:39 pm

Image

Yes I am !
"How much money is enough?", John Rockefeller responded, "...just a little bit more."

Almond
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Re: Are you glad to have bonds in your AA? I am.

Post by Almond » Mon Mar 02, 2020 8:29 am

I was looking at AA over time and a 60/40 performed just as well as 100% equities and a 50/50 was pretty good also.

https://www.portfoliovisualizer.com/bac ... sisResults

Here with a monthly contribution, regardless of age.
https://www.portfoliovisualizer.com/bac ... sisResults




Am I missing something? Why would anyone be 100% stocks

palanzo
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Re: Are you glad to have bonds in your AA? I am.

Post by palanzo » Mon Mar 02, 2020 8:46 am

Almond wrote:
Mon Mar 02, 2020 8:29 am
I was looking at AA over time and a 60/40 performed just as well as 100% equities and a 50/50 was pretty good also.

https://www.portfoliovisualizer.com/bac ... sisResults

Here with a monthly contribution, regardless of age.
https://www.portfoliovisualizer.com/bac ... sisResults




Am I missing something? Why would anyone be 100% stocks
Your links lead to nothing.

Almond
Posts: 87
Joined: Wed May 01, 2019 3:11 pm

Re: Are you glad to have bonds in your AA? I am.

Post by Almond » Mon Mar 02, 2020 9:22 am

palanzo wrote:
Mon Mar 02, 2020 8:46 am
Almond wrote:
Mon Mar 02, 2020 8:29 am
I was looking at AA over time and a 60/40 performed just as well as 100% equities and a 50/50 was pretty good also.

https://www.portfoliovisualizer.com/bac ... sisResults

Here with a monthly contribution, regardless of age.
https://www.portfoliovisualizer.com/bac ... sisResults




Am I missing something? Why would anyone be 100% stocks



Your links lead to nothing.
https://www.portfoliovisualizer.com/bac ... teTreasury

Also just came across this paper about bonds going back to 1800’s. Very interesting. You can download without registering


https://papers.ssrn.com/sol3/cf_dev/Abs ... _id=340720

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