Thanks for your comment Frederic.
InI our next post we will discuss the Cult of Emotion and its pervasive impact on the investment industry. Your comments are straight from the cult handbook: " I know you are afraid and you should be afraid and I will not invest you in anything that stires up your fears."

Long term holding of stocks has generated the best returns available even including the drawdowns you mention. As advisors we need to press this message with our clients to the greatest extent possible in order to generate the greatest long horizon wealth.

It is the difference between catering to client emotions and mitigating them.