I appreciate your columns, Joachim, but unfortunately the discussion of sequence risk is incorrect. Assuming that someone just starting to save for retirement is starting with little or no money, and that they consistently add to their retirement account, they would prefer to have the bear market early. If you are just starting your career and have only saved up $10,000, then a -50% bear market costs you $5,000. If you are at the end of your career and have saved up, say, $3,000,000 and you hit the -50% return, it will cost you $1,500,000.

Even taking into account the compounded returns on the $5,000 loss early in your career, you are better off taking the loss early.