I was simply contradicting your statement that bonds are guaranteed to destroy wealth over the long-term. That is simply untrue. We could be entering a period of long-term deflation for all I know.Please describe the circumstance where a 20 year bond yielding -1% p.a. after AMC would add to wealth over the long term
Fine. In effect you are saying you have an edge over one of the largest, most liquid markets in the world. I have no idea what interest rates will look like in the future so I am agnostic on duration - I let the market decide.I suppose it has to be part cash or maybe short bonds which are quasi cash. It's the long bonds that I see no role for in a retail fund.