But if interest rates rise, bonds lose too. That is, the bonds you hold today lose market value (the value you could get if you sold them today). The longer t

But if interest rates rise, bonds lose too. That is, the bonds you hold today lose market value (the value you could get if you sold them today). The longer the duration of the bond, the more they lose. So if you expect interest rates to rise, I'm not sure holding bonds (especially long bonds) is the protection you want. On the other hand, I may be missing something. Ray Dalio's All Weather Portfolio is 55% bonds, and it's supposed to be safe-ish for any market conditions.