Imagine all the advice they're getting about how dumb they are for not being in the market, too.  Letting their cash melt away.  And those critics are right, too, except when they're not right.

I don't envy 'em, I'll tell you that.  There's a path forward, and great opportunities, but I don't know that I would have been able to seize them at that age.

It's also not usually obvious when something's a bargain. If it were, someone else probably would have bought it already.

Undisciplined

The market can stay irrational longer than they can stay in cash.