Conventional wisdom holds that fixed income exists to protect investors when equities fall. That protection rests on a reliable negative correlation between bonds and equities and was supported by a decades-long bull market in bonds, both of which have broken down since the Covid19 pandemic. With the diversification prize no longer guaranteed, the case for holding bonds must rest on something more durable. Keeping eyes on the prize means owning fixed income for the return it generates, rather than the insurance it once provided. The implication for portfolio construction is a sh...