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So anyone who is one hundred percent long equities and "comfortable with a 50% drop" is implicitly relying on a government bailout.

To be fair, one could be well aware that a big drop is possible but still
be long equities because your time frame is meaningfully long.
Even really bad bear markets do eventually end.
And of course bonds make no sense given the negative expected real return.
But 100% long equities? You'd want to have a very secure job or pension.

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