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What's the Role of Bonds in Retirement Portfolios?
Morningstar; free registration may be required Link to more items from this source
July 31, 2014

"[B]ear markets and bonds, we could lose a couple of percent a year. Bear markets and stocks, you could lose like 45%. Running from something that can lose 3% into something that can lose 45% is not a good risk-management strategy. It's not a good return strategy. It's not a good anything strategy."

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