I think another factor worth considering is that rates are so low right now, which tempts investors to take on more risk. Consider that the 10yr treasury yields 1.7% and the 30 year yields 2.6%. 2.6 for THIRTY YEARS. That is absurd - "why bother?" is the natural response. This factor alone is primarily responsible for investors developing asset allocation plans in the 80%+ range to fund retirement income. 80%+ equities for retirement income is extreme, yet it has been adopted as acceptable & optimal by investors who are using MPT based methodology which only looks backwards. IMO once many of the investors on this forum experience a prolonged downturn, the appetite for risk will subside. Today's ridiculous rate environment is essentially forcing investors into risk assets who otherwise would have no desire to be exposed to such high levels of risk. I think we'll look back on these times & see that clearly.