Ann: Becoming a substantial holder, page-64

True to an extent.
Age is a factor too.
The older you are the less risk on investments you take on the better. As you have less wiggle room in recovering the loss based on time left on earth.
An granted part of risk adverse investment as you said would be diversification.
I complain about my investment in SYA a lot but its pretty much my only shareholding asset.
Most of my other assets are tied up in property or other tangibles.
I also have the time to see SYA either flip into a golden goose or flip into the bin.
My next large cash investment will be via an index fund tracking the ASX200.

Im yet to meet 2 people with the same investment strategy. Every ones is different.