TlT is a hedge for stock price collapse, so even if the stock price rises and TlT is the only unrealized loss included, it is already factored in. Besides, you can get a 3.8% dividend, so it's not a paper loss.

TakuT : TIT?

けん　けん OP TakuT : The interest rate cut to 0.25% is essentially a partial loss-cut for TLT.

けん　けん OP けん　けん OP : Bonds and stocks generally move in opposite directions. When stocks fall, bond prices rise and distributions can be received. When stocks rise, there is no advantage such as capital outflows from bonds, but it is essential to balance holdings of stocks and bonds for risk management. Mr. Buffett also holds a large amount of US dollar money market ETF (MMF). It seems that he does not hold TLT.

けん　けん OP : Bonds are the total return of capital gains and dividend income from price fluctuations, so calculating capital gains and income gains, if it is zero or positive, it means not losing.