Remember the days when stocks and bonds moved more independently or even in the opposite direction to one another? Ahhhh, the 2010s – with the benefit of hindsight, it really was a marvelous time. Global equities annualized a little over 10%, and while bonds provided a paltry 3-4%, they were consistently negatively correlated, especially during periods of market stress. Folks got very used to the returns coming from the equity side of the portfolio, while the bond side provided meagre returns and acted as a stabilizer.

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