[likpok]

There is a difference here because you need to draw on your funds.

The math works out well for someone willing to buy and hold for a long time, because if there's a crash you wait to sell until the market has recovered. However, if you need to sell, you need to actualize the losses. Even if your portfolio later recovers, you've lost out on the growth that you would have had.

[andyv]

Sure, during a crash you have to draw down. But in a 10% growth year, you can get it back. Averages.