After reminding him that I raise cash as my uncertainty rises, I shared my concern that (1) while Europe seems to finally understand the problem, it is not clear that they may have the mechanism to deal with it, (2) that the debt debacle will return in 6 weeks, testing ideological purity against practical governance, with potentially catastrophic consequences, and (3) my free-floating anxiety that the failure to regulate derivatives makes banks vulnerable to serious heart attacks.

It is always amusing to financial advisors when older clients urge us to take more risk.  But, there is an important object lesson here.  My bullish friend has lived through the Great Depression, World War II, and countless recessions.  Thru it all, he has watched America recover and watched the stock market produce greater and greater value for investors.  He is willing to take a long a long-term view, even at age 90, and that is indeed great wisdom!  I salute him!