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“Bonds pay income, but in most states federal treasury bond income is not taxable”

And that is the best argument in support of bonds.
A stable income in stable times, not something to be laughed at or scorned.

One size never fits all, and that's why I enjoy hearing how other people approach money matters.

[Wuli]

I know a number of investors who have the accounts of some retired folks, and they all have some % of the portfolio in bonds.

Now, for a thirty or forty year old they may not do that, as getting more long term equitable value gains seems more important for a younger person’s portfolio.

It all depends on the needs of the person for whom the investments are made, and those needs can change over time, and can change with age as well.