Anyone at that age (70s) that is fully in equities is not properly allocating assets. He should be in fixed income in the 50 to 60 percent range, depending upon his risk tolerance
When you are younger, and have time to make up for down markets, one’s assets should be more in equities. Investing for the long term will even out the down years.
But at advanced ages, when (WHEN, not IF) a down market hits and you are fully in equities, you’re risking heavy losses, with a short lifespan to make it up.
Also, one should never do drastic moves with ALL of one’s assets all at one time. Work at the margins.
The best rule of thumb is to have 100 minus your age in equities. (Percent)