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I don't think it has changed that much because stocks have always beaten bonds long-term. You are quite right in saying that as cash and bonds now pay so little, it might make sense to have more in markets.
Yet some of the following fundamentals remain the same:
1. Stocks are likely to beat bonds long-term
2. Bonds will beat stocks during some periods of time, like a market crash. As a result of this, bonds can be a good rebalancing tool during a stock market crash or correction.
3. Once you have accumulated enough, it does make sense to have bonds, and a more diversified portfolio. In your 20s and 30s, an aggressive portfolio makes much more sense.
4. Nobody can know for sure when bonds will pay more.
5. Just because an asset class like bonds aren't performing well now, doesn't mean it will always be like that.
6. Bonds still pay more than cash, especially when you factor in the dividend yield. Mixed bond funds, which include corporate and government bonds, pay much more than cash.
7. Bonds, in general, are less risky than cash.