Yup! Also diversification. It is rare to have ONLY equities (in my experience, though I only have equity & cash positions!!) and having even 10-20% of bonds would make a MASSIVE difference, especially through the 70s, 80s, 90s!!! (when yields were an average, EYEBALLING, like 8-9% or something!) see: https://www.macrotrends.net/2016/10-year-treasury-bond-rate-...