Good points as always Ben. As you’re well aware, I tend to be on the more aggressive side than you, in that I believe it’s ok to be 100% in equities even in your 50s and 60s, and that over the long term, equities can be less risky than cash.

However, I completely agree that the majority of investors should not be 100% in equities, since most people do panic when the markets drop, and sell low after buying high(er), locking in losses and getting poor investment results.