Does my thinking on bonds make sense?

L'auteur se demande si les obligations sont un bon choix pour son portefeuille, compte tenu des taux d'intérêt actuels et de l'expérience des dernières années.

**Preface:** I've been 100% equities since I started working about 15 years ago, and I plan to stay as such until I'm about 5-10 years out from retirement. **Background:** It seems like we are in a period where bonds are unlikely to lose NAV due to higher rates that are expected to come down long term (obviously, I don't know for sure). As such, it seems like there has never been a better time to own bonds in one's portfolio. However, people who were invested in bonds when rates were ultra low lost a ton of NAV over the last few years. **Question:** Is the lesson learned from the last few few years that bonds are not a great hold when yields are super low? I'm trying to make sense how a 60/40 portfolio could have made sense circa 2020. Seems like a lose-lose with low coupons and loss in NAV as yields inevitably went up. Would it make more sense to get out of bonds when rates become ultra low? Naturally, the next quesiton is what would one get into? I don't know... open to ideas.