Two thoughts on this: 1 - holding bonds versus bond funds are very different, as in the first case, you control the timing of the sale, and in the second, the

Two thoughts on this: 1 - holding bonds versus bond funds are very different, as in the first case, you control the timing of the sale, and in the second, the fund does. That has all sorts of implications about losses (as well as capital gains) in any particular year. 2 - Interest rates have been at zero (ignoring this week's interest rate hike). Using the Barclay's Agg duration of 6.7 (as of this week), then you are just asking for pain in your bond holdings. Stocks may or may not go up or down, but bonds are either going to go down or generate basically zero cash flow. Many people have embraced TINA as a result. [0] [0] - https://www.ellevest.com/magazine/investing/tina-alternatives-resilient-portfolios#:~:text=In%20the%20investing%20industry%20TINA,nowhere%20to%20go%20but%20stocks https://www.ellevest.com/magazine/investing/tina-alternative....