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Lumifer comments on "Risk" means surprise - LessWrong
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That's no reason to tell someone with hundreds of thousands of dollars to put half of it in bonds. The market isn't going to stay down for 10 years.
As a matter of empirical observation, rich people with millions of dollars do NOT keep them all in equties and, in fact, tend to allocate a chunk of their wealth to bonds. How large a chunk is debatable.
Tell that to the Japanese.