The efficient frontier should be a well-defined curve when we have uncorrelated or negatively correlated assets such as stocks and bonds for the period 1986-2020, yet in the more recent post-pandemic period, it looks almost like a straight line. Investors have less risk as you move away from 100% stocks, but it is at the expense of return. Give up return by giving up risk in a nice linear fashion. Bonds have not been a good investment, and the spread between stocks and bonds is at an all-time high. One could argue that this is not the time to increase stock exposure, but it is clear that those who followed the simple stock-bond allocation mix would have been disadvantaged.
The textbook trade-offs that we would like to see do not usually exist over short but meaningful time periods.
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