That book was published in 2015 and if someone was to have taken their money out of the sharemarket at that time they would have lost a lot of capital gains. On September 1 of 2015 the All Ordinaries was around 5,058 points. Today it is at 7,255 points. So from Sept 1 2015 to now the sharemarket has gone up 40% +. During that time term deposits have hit record lows at around 1.5%. I think it is better to have some assets in physical gold and silver and to keep some money in stocks at all times. I hold the ETF VHY in my super and receive distributions of around 5% per annum and they are paid out in cash every 3 Months. The other black swan is our currency, sinking into the black hole very fast @ only .66c to the USD. This is where having gold and silver will help as you can see by the price rises now. As for the lady in question I wouldn't charge head on into the toppy sharemarkets now. However, having some sort of allocation in the sharemarkets (even if small) might be a good idea. If Gowdie's predictions do come true at some stage (already waiting 5 years) then she will still have the majority of her cash ready to scoop up those good shares at much lower prices, good luck to her!