Most people tell you they understand the market, but they're still operating on the old regime from '82-'20 where interest rates were falling. We aren't in that regime anymore, hence the failure of the 60/40 portfolio this decade. That portfolio benefited from interest rates that trended lower over multiple decades, as mentioned above, bonds generating strong capital gains, usually seeing Treasury prices rising during stock selloffs, and the stock-bond correlation made diversification very effective. But, guess what? We aren't living in that world anymore. Stocks and bonds are moving together. Think back to 2022 where stocks had one of their worst years in decades while long-duration Treasuries also suffered historic losses. Hedging between those two didn't work. Granted, it may have been an anomaly. But I think we are more likely transitioning into a new regime and the movement of bonds into the 5.5%-7% range is likely going to be due to structural fiscal issues rather than a temp inflation spike. And that means, as mentioned in another post, you're going to have to change the way you think about bonds. You can reference the '40s, '50s, '60s, and '70s to see how inflation, fiscal policy, and bond markets behaved significantly different than they have been behaving from '82 onward.