A study by Professor Robert M. Soldofsky and Dale F. Max finds the real return on equities was 1.62% a year from 1910 through 1976; bonds adjusted for inflation returned 1.24% in the same period. The spread between stocks and bonds is much narrower than the Ibbotson-Sinquefield and Fisher-Lorie studies.
https://www.pionline.com/article/19981019/PRINT/810190705/the-way-we-were-1978-79
Ed McQuarrie talks the REAL History of Stocks and Bond performance.
Worried About a Stock Market Crash? Here’s What You Should Be Worried About Instead. - Barron's https://share.google/zxmc1t7eE4TLrdHPh
Read this article from Barron's
https://www.morningstar.com/portfolios/when-it-comes-bonds-dont-be-hero
Interesting article on bond allocation, short term needs for retirement are better to be in a money market account up to two years of spending and up to ten years in a high quality active bond fund. Also active bonds have outperformed index bond funds by one percent