Sigh. Gordon no offense but for some reason this thread has you really worked up and your stance is confusing. And it doesn’t seem to be just me thinks it. Fine you disagree so I don’t see any point debating it. I also completely disagree with your definition of risk. If all you at is potential losses without looking at potential losses relative to expected returns, then you don’t know what risk is.Which is more risky? Leaving €100,000 on deposit for the next 20 years or investing €100,000 in Global Equities for the next 20 years? In my view, it’s the former.
And the fact that you would tell someone that investing in equities that they will not lose money over 20 years is frightening.