Neither is having a portfolio take losses you can't tolerate unless you die and someone inherits it (with recovery happening while they're holding it). If the problem is that investors don't have enough cashflow over their working years to assemble a balanced portfolio that will comfortably carry them to death, that is a different issue. Reaching for risky yield is a lottery ticket.
If you maximize equity exposure too high, too long, you will potentially get blown out of the water. Broadly speaking, at some point, gains must be locked in and invested somewhere less risky (assuming your average person investing to retire).
If you maximize equity exposure too high, too long, you will potentially get blown out of the water. Broadly speaking, at some point, gains must be locked in and invested somewhere less risky (assuming your average person investing to retire).
https://archive.nytimes.com/screenshots/www.nytimes.com/inte...
https://archive.nytimes.com/www.nytimes.com/interactive/2011...