In Intelligent Investor, Graham suggested have anywhere between 25 to 75 ratio between bonds and stocks in portfolio. While I believe this time has past, some high-yield saving account can offer up to 5% rate with cash in hand, a better choice than bonds (well most bond, bond with stock option are different story. Recall the deal where Buffet brought a large of Salomon brothers bond with stock option was definately a win win situation. 9%?, forgot, bond yield with option). But the concept of bond provides a safety if stocks turn bearish still mingles in mind. I wanted to find a index, fund, or stock to have similar movement as bond to stock, that moves opposite of stock movement. I believe the answer is BRK.B. Due to nature of Buffet investment strategy and the extreme low PE ratio with its intrinsic value closely set around the market cap, vice verse actually, its stock seem to have little or even opposite effect when entire stock market goes down. Plotting, the BRK.A or .B vs major indexes, you would notice, as major indexes head lower, BRK goes up, as investors pours money into the fund seeking for asylum. Of course, this goes against Buffet ideology, which is to avoid short-term investors. Nevertheless, when the world provides an opportunity, it’ll be dumb not to take advantage of it.