Don't agree.   Most investors should be buying stocks for income ... and more importantly, growth in income (buying businesses that consistently increase their dividends).

If the market sells off by 30% (and it will...at some point), I won't enjoy it very much....but unless we go thru a Canadian version of 08/09 (which could happen...), my dividends will continue to roll in.  And dare I say, continue to grow.

As for alternatives, the fixed income market offers essentially no return....so 25 years ago, I could understand that a 70 year old should be reducing his or her equity exposure (we can debate the limits), and re-allocating some funds into the bond market.  But today?   2% bonds (especially if one has to pay fees) does not cut it.