"Mr. Jones’s retirement account took a hit in 2008 and never recovered. Spooked by the S&P 500’s 38.49% decline in 2008, he sold his stocks and invested in a stable value fund that earned about 1% a year, said the couple’s son-in-law, Jon Older, a doctor who has managed the portfolio since 2018. Dr. Older moved 35% of the balance into a low-cost stock index fund and the rest into an intermediate Treasury bond index fund."

So he missed out on one of the best stock market rallies in history out of ignorance and fear. Ouch.