On the ‘safe’ side, I have some cash for liquidity and emergencies, with the rest of my portfolio invested in the cheapest, broadly diversified index funds I can buy. I don’t try to pick hot stocks, and will never make more (or less) than the average market return. I’ll be holding this portfolio through thick and thin for the next several decades,

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Say you are a pension fund that needs an 8% return to meet its liabilities without difficulty. And say that stocks have been inflated to the point that you can in all honesty expect only a 2% return over the long run from here given reasonable assumptions about valuation metrics returning to something sensible at some point. You might be tempted to

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