This "theory" has been pretty obvious since the 80s. Not really sure who this is written for (probably his clients) but investment firms are always going to buy

This "theory" has been pretty obvious since the 80s. Not really sure who this is written for (probably his clients) but investment firms are always going to buy bonds regardless. It doesn't matter if equities will be higher in the long term, your performance is measured in the short term, and a firm is going to hedge against short-term equity swings.