OTOH, most of the very serious drawdowns in the past 200 years have been due to major wars or revolution. Both have been steadily decreasing for millennia. It'

OTOH, most of the very serious drawdowns in the past 200 years have been due to major wars or revolution. Both have been steadily decreasing for millennia. It's extremely unlikely that the next 100 years will be anywhere near as turbulent as the past 100 years. In particular nuclear weapons increase the variance to the point that it's no longer relevant for stock portfolios. We're not going to have another Great War or WW2. Either we'll have peace between the great powers, or you won't care about your stock portfolio because you'll be vaporized.