I have often heard it said that one must be conservative later in life. In order to hedge one's bets, the portfolio should include a diversified approach such as a mix of stocks especially value stock, bonds, and cash.
The thought process is that a downturn can be weathered by drawing on fixed investment income from bonds etc to allow for recovery in the stock portion of one's portfolio.
Has anyone heard anything to the contrary and if so what's the rationale?