What are the best investment options for cash in my portfolio now that bond returns are lagging?

For years bonds were the dependable ballast in a portfolio, so when bond funds start posting negative returns and yields disappoint, investors reasonably ask what the safer money should be doing instead. This piece takes up that puzzle: where to put the cash and fixed-income side of a portfolio when the traditional answer is underwhelming. Allan looks at how to think about the role that conservative money is meant to play, the difference between holding bonds for income and holding them for stability, and what the realistic alternatives are without simply reaching for more risk. The thrust is less about chasing a hot replacement and more about matching the safe portion of your savings to its actual job in the plan. It is useful reading for investors who built a balanced portfolio in a different rate environment and are now questioning whether their defensive holdings still make sense.