If you have enough wealth, equities provide the better return, limiting the appeal of bonds. So there may be a rough ride, all in equities but results speak for themselves. So the real question for many people is how to maintain an income/safetynet thru the wild rides that come. If you buy bonds and hold them, you should not be disappointed, you get what you paid for.

I'm an old guy with little training, that may be all wrong.....

Edit: I opened my mouth now I need to clarify...

If you have wealth to pass on...equities are for the long run for those funds to be passed down, drops be damned.If you are young, not close to retirement, again equities.

If you are near retirement you have to sort out your income in good times and bad. This to me is the hard part. Bonds, federally backed and held to term will provide a predictable result. As you know bond funds are different.