Peak to peak, inflation adjusted, can be 10 to 15 years for the really big busts though. It's not entirely irrational if you moved in at the peak.

If you were in on the upside then you've got much less ground to retrace.

And it's painful to watch your holdings drop like you said if you're planning on retiring in the next 1, 2, 5 years.

So I get it.

If you're 25 you've got tons of room to maneuver. If you're 60 things are a lot less rosy (even if by now you should theoretically be cycling into less volatile assets. But bonds didn't do that great either over that period) .

For Cisco it took 25 years.

But that is assuming they survive the bust, which is not a given.