You have your pillar 2 that‘s essentially bond like. For an investment that you only can access at retirement, bonds only drag down returns.
I see zero benefit.
CHF bonds have essentialy zero (or negative) real return (after inflation) and I dont see that changing any time soon.
As long as similar assets are available in and outside of the 3a, volatility isn’t a big factor as to what to keep where: you can sell stocks in taxable (and store cash or buy bonds or others) and buy them at a similar price level in the 3a even when they’re depressed and vice-versa. The main difference is taxation.
If I were to hold bonds on top of my 2nd pillar, I would keep them primarily in the 3a: interest is the main way by which they grow and it wouldn’t be taxed while accumulating. As the principal wouldn’t grow much, there wouldn’t be much capital gains that would be taxed upon retrieval (which could have been avoided in a taxable account).
My main choice criterion would be what I feel comfortable with. You can try the allocation you think will work for you and adjust later, as long as you don’t keep adjusting ultra frequently and stick to it once you’re happy with your holdings.
Most of those funds/asset managers target US clients. With the 2nd pillar built into the swiss retirement system, we tend to have a naturally more conservative allocation (for those of us who do have a 2nd pillar), which should allow for a more agressive allocation otherwise, as long as we can stomach it (and what we can stomach should be a hard limit we abide to). I would count the 2nd pillar as bonds in my allocation.
Thank you both. Yes, I always forget the 2nd pillar, you’re right.
Edit: decided to go all-in quality in the 3A, while maintaining all-world outside of it. The two Quality ETFs from FinPension are very heavy in the US but I decided to ride this and see.
This is quite interesting. I thougt so far the Bogle recommendation is age in bonds-percentage. This would be much more aggressive. Where did you find this table? thanks
A guy made it himself, will edit to add the post tonight after work (need to find it, had an interesting discussion).
Edit @fittim there you go: https://www.reddit.com/r/Bogleheads/comments/17waubx/having_trouble_choosing_a_stockbond_allocation/
This is the way. Another 3% here or 7% there don’t make (more than negligibly) a difference, and you know it.
Welcome to the Qrew! 
Welcome to the quality club 
Should have done it earlier, already 6.1% YTD 
True, I am just waiting to clear the bullshit with the life insurance 3A and get the money in before I put 2024’s allocation. Thankfully they aren’t dragging their feet.
Been thinking about deploying all of my liquidities into investment-grade US bonds to secure a 7-8% yield for the next few years before interest rates are cut while keeping the option to buy in stock market dips on margin. How sound would that be?
I struggle to see how the stock market would return 8-9% on average in the next 5-10 years (longer, sure).
You don’t have to do all or nothing. You could move part of your portfolio. After all, what would you do if stocks continued to rally another 10 years, or USD fell, or inflation erodes the real value of your bonds?
Thanks. Yet I’m surprised to see how no one seems to rebalance into bonds (outside of the 2nd pillar, but which doesn’t offer the same yield), while on the other hand, the stock market is overbought and at an all-time high.
As for me, I’m already out of the market, basically. I agree that it shouldn’t be all in one class or the other, but then there’s using margin to reenter the stock market when I’m feeling it. And that’s not counting the 2nd and 3rd pillars, as well as a substantial bag of crypto.
I could be wrong, of course, but I really don’t see the market averaging 8-9% per year for the next 10 years (over 20 or 30, probably, but that’s not my timeline).
I don’t plan on retiring in CH, so I’m happy to be invested in USD, which, from how it looks, is bound to remain the second-strongest FIAT currency for a while. Inflation is a risk, yes, though it goes both ways.
I kinda agree with you, but: you could have said exactly the same thing 10 years ago!
I was about 30-40% in bonds, but just bought stocks this week so down to around 15% bonds now.
I also don’t see stock markets averaging 8% per year for a decade.
Your bond returns are almost fully taxed, while stock returns are mostly not.
8%x 0.75 (assuming 25% marginal tax) = more like 6%, now add Dollar inflation of 3% and you are looking at maybe 3% real return.
I also dont think 8% are realistic, maybe 7% if you are lucky. Also as interest rates get lower your reinvested returns dont compound as much with new bond investments.
So 7% would be looking at 2.25% real, while the stockmarket returns about ~5% real on average.
Fair point. Then again, 3% is decent return for preserving wealth. Those 5% real return on average you mention, on what period is that? 5 years? 10, 20 or 30? Because it seems to me a lot of folks overlook the fact that when it says “the stock markets averages out at 9% per year”, that is over at least 20 years. It totally plausible for the next decade to be mostly flat, while the returns materialize only in the second decade. Tbh, I’m not always sure everyone is aware that it’s a moving target against their retirement age, assuming of course their goal is to retire early.
Looks like that thread is rather about hedging and CH bonds.
Was referring to the discussion about not being able to earn higher returns by investing in USD bonds in comparison to equivalent CHF bonds. If I read the data correctly the futures market currently predicts USDCHF to decline by ~3.5% in the next year.
Finally in 2024 I’m deciding to invest in the stock market! This is my first time and I have 40k lying around to invest. I’m thinking about:
What do you think? 
For clarification BTC is not a stock but a different asset class.
So your stocks would be:
84 % VT
16 % qqqm
And your asset allocation would be (assuming nothing else):
95 % stock ETFs
5% BTC
Since you asked for our opinion: Personally I wouldn’t buy a Nasdaq ETF on top of VT but that’s fine as long as you know why you’re doing it.
Also welcome to the forum and lots of success! 
To assess if these choices are good or not, we would need to know a few things:
I go for 80% VWRL, 20% BTC/IBIT