So the shock will be global, similar to the way the localized
Chinese equity crash last year quickly spread around the world.
Having 2 or 3 years of living expenses in bonds might be wise once retired simply to cover
when equities crash.
All that to say that there's no definitive answer as to how the bond market will respond to
an equity crash.
To explain: My non-Equity investment theme (s) / allocation is mostly created via listed equity investments — and when markets crash, we unfortunately re-discover pretty much
all equities crash, regardless of their underlying fundamentals or lack of correlation.