Stocks will shift on a whim and rely on hype, same as bitcoin. This can cause a total crash and people losing money. Capital earned on stocks is not cash equivalent therefor if the stock goes down, you lose your initial investment. The risk is insanely high. Compared to Tbills and other cash equivalent bonds, if the yield goes down you still have your money. Take a look at what happened just today when the market opened and China released an LLM model, the AI hype market crashed.
over a large enough time scale, stocks do just fine. if you need to take the money out right this second, yeah, you've a problem, but the SP500 is going to outperform Tbills over a decade. But really, A proper portfolio is going to have a mix of both, as well as other investments, to protect from crashes in one sector.
