If there were a prize for the most disparaged asset class, it would likely go to bonds. And the most disparaged bonds would almost certainly be Treasuries. Jeremy Siegel called them "a sucker's bet." Warren Buffett said: "I can't imagine anyone having bonds in their portfolio when they can own equities."

For ordinary investors, however, holding only equities makes little sense. Fixed-income investments inevitably play an important role, particularly in retiree portfolios.

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