As a side note:
Being an investor for the last 20 years I cannot help but bring attention to what I think is a dangerous investment risk mindset among brokers and money management companies.
When talking to young investors brokers, money managers and even educators will justify "buy and hold" market risk by touting what is called the "long term". They'll say "You don't have to worry if your well diversified and are investing long term." Some will say 5 years is long term while other may say it's 10 or 20 years. You'll never hear them talking about what their investors should do when their "long term" time runs out and as they say "the rubber meets the road". When questioned about what those investors nearing retirement, brokers and money managers simply suggest that if the market drops you might have to work longer and delay retirement. That's their answer and it is a copout because the option of working is not always available to the investor.
I am shouting from the rooftops that investors must play a more proactive role in their portfolio preservation as they get closer to retirement. This includes protecting their portfolios by buying and selling in response to major market down trend such as bear markets and failing economies. Don't listen to these brokers and money managers who center their business model after young buy and hold investors with 10, 20 or 30 years to save.