Capital Preservation for Value Investor

[freedom]

investment for retirement is much less risky than investment for income. You would have much more tolerance for temporary loss as the money is set aside for retirement anyway. You would not expect to use retirement fund to supplement your general consumption.

it would be very different story for investment for income. You would constantly review your decision when the bear market is long. a 3-year bear market could easily break a lot of people who just depends on investment for income. In the last 10 years, there was not any such long period of bear market. But no one can guarantee, there will not be one in the future.