I usually have 100% of my portfolio in stocks at all times. For context, my investing career started post-GFC when short term interest rates were zero or negative, and the Fed was pumping out QE after QE just to get employment one tick higher. Cash was trash, and I got very used to that.
Now that rates are much higher, and I do think we are in a secular bear market for long bonds now, should I consider holding more cash in my portfolio? What purpose does this serve? Doesn't this just lower the expected return of my portfolio? Any advice or experiences would be helpful, thanks.