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This is pretty lame, in my opinion. While I certainly agree with the overall theme that stocks will outperform bonds over the long run, the comment about timing the market is just silly.

If you're not worried about your investment for at least 10 years, that's one thing, but if you're already retired and watching your portfolio drop by 40% in a bear market, you're in deep doo-doo.

I cashed out of the market a couple of years ago, and while my returns during this period were meager, I at least had no losses whatsoever since then.

I'm selectively buying back in now in stocks that were especially hammered, and to say that has worked well would be a huge understatement. It is not folly to time the market as long as you have a rational basis for doing so.

Of course, guessing correctly helps, too! ;-)

If you're already retired (60s age and older) and still heavily invested in stocks then you're a pretty stupid investor.

Any clued investor knows that when you are unable to accept more risk (ie portfolio fluxes at old age) you move your assets to more stable investments.

I cashed out of the market a couple of years ago, and while my returns during this period were meager, I at least had no losses whatsoever since then.

You did have losses.

There's an old saying in economics, 'Opportunity cost is opportunity lost'.

I'd suggest you buy back into the market at a steady rate over a set period of time (called dollar cost averaging), getting into low-cost, stable funds, well diversified. Check out Vanguard funds.

You'll be glad you did.