>Also, the numbers you give show over a third in stocks, which have experienced drops of 50% in living memory. That would seem to be enough to cause a problem e

>Also, the numbers you give show over a third in stocks, which have experienced drops of 50% in living memory. That would seem to be enough to cause a problem even in that case, wouldn't it? I tried to find the 2008 report but the oldest one is 2010. Luckily it has a 5-year-earlier section: https://imgur.com/a/jFUs8bV https://imgur.com/a/jFUs8bV It's Dutch but you can see that they lost 14.5% total in 2008 and then made 14.8% return in 2009 and 10% in 2010. Since they always have fixed income bonds and cash on hand I don't think it's a problem. And in 2018 the fund had €10bn of assets. Seems to be doing great.