For decades, bonds have been viewed as a reliable safety net for investors, particularly when stock markets fall. But that relationship is changing. Persistent inflation, rising government borrowing and periods when stocks and bonds decline together are forcing investors to rethink whether bonds can still provide the protection they once did. In my view, the shift does not mean bonds are becoming irrelevant. Instead, investors may need to build more diversified portfolios that include real assets such as commodities, infrastructure and real estate alongside traditional fixed income. The bigger lesson is that no single asset can be expected to protect a portfolio from every type of economic shock.