There was a lot of investment advice to buy bonds even when interest rates were zero as this "balancing component" as you say. That was pretty much "buy bonds

There was a lot of investment advice to buy bonds even when interest rates were zero as this "balancing component" as you say. That was pretty much "buy bonds for the sake of it." One reason is because it decreases volatility and most people freak out when their nest egg loses 40% of its value in a market downturn, but I do think a lot of it was just laziness and carrying over advice from before the zero interest rate days.