Thank you Daniel.

Of course, every person has to figure out their own level of acceptable risk (and return).

In general, I don't see compelling reasons to doubt that stocks will continue to have relatively high average return over the long term to go with their relatively high risk.

The ways I plan to avoid having to sell lots of shares into a bear market are:

1) Have 2-3 years' worth of expenses in low-risk assets

2) Have (semi-)passive income sources that cover at least some of our expenses

3) Have lots of budget flexibility so we can trim expenses by 30% or more if the market goes south

4) Modify our draw 10% down if our normal draw would become more than 6% of our portfolio.

With all those in place, I think we'll keep 70-80% in stocks for the decades we expect to live beyond our work-optional point.