Answer:
Step-by-step explanation:
I fall into the second category. I am retired. The accepted answer is that you ought to be conservative when you are nearing or in retirement. The reason is that losses cannot be made up and even if you know that you will eventually be right, being right sometimes takes a long time.
If you are young and just starting out, you have to have growth. You are going to make mistakes, but the best way to avoid them is to pick a newsletter writer in a field that you know something about or that you are willing to learn about. Don't spend a dime until you become conversant with with the way businesses make their money.
Finding that newsletter writer is a huge undertaking because often they contradict each other and you have to learn who to believe.
Right now it's a little like reading about end times. People are frantic about what to do and that includes people who do this for a living.
Older investors know what they know, and are humble about what they don't know. It doesn't mean they won't get hurt. I hate to think what will happen when there is any kind of correction. Things might come back, but it's scary riding it out.