@adamnash There’s half a case? ATH SP500 in feb ~3400. Bottom ~2250. Rough avg. ~2800. 5 yrs ago ~2100. 10 yrs ~1100. Lots of accumulated gain. Example Vanguard ret fd 30/70 stk/bd. 30 -&gt; 0 a bit much but diversif. magic works with holding and long horizon. Not so true for this crowd.