Should I buy bond?

Right now most of my assets are in stocks, real estate, and cash. I am considering diversifying into bonds, but it just does not look that attractive to me.

The advantages of bond is that it is fix income. Usually you get pay out twice a year. Also bond is a different asset class from stocks. Unlike real estate which tend to move along with the stock market. Therefore it is a good form of diversification from the stock market. Currently there are 2 types of bond that I am considering. Municipal and treasury bond. Municipal bond has the advantage of giving tax free yield. Treasury bond because it is one of the safest instrument.

I am not that excited about bonds because two other investments seem to provided better return. I can get 5-7% return in peer to peer lending. Albeit with higher risk. Also P2P lending is less liquid than bond. Alternatively I can just stick with dividend yielding stocks which pays 2%. Not too shabby when compared to the treasury bond return. Given I still have steady income and have a long investment horizon, my stocks will ultimately out perform my bond return.

For now I am going to focus on stocks and P2P lending. I like to explore some high return dividend stocks and corporate bonds, but will not jump into them yet.