quick calculations, page-8

welcome to the asx, your friend along with many others are only happy with valuations when they are positive, TLS if you do not trade is clearly for income, if house prices changed daily what would you do then sell, buy or sit although it isnt much of an answer it really gets down to your needs and personality including the perception of risk,as mr Buffett would say buy an index fund but they go up and down as well,look at the worlds rich because of valuations their wealth might change by millions to billions but its unlikely they will be unable to buy a meal,some have quite successfully left money in the bank while markets are in turmoil and when are they not in turmoil,the answer is never---find a way to use the income to build a diverse portfolio that might make things look better than one stock but sometimes they all go down, what do you do--I dont know, sit it out but I have been there before and lost a lot using debt
and inspite of all the risk still think its a great way to invest in the asx if you have a plan---the key is a plan and stick to it thats the hard part, then a downturn might be considered a gift or not depending entirely on -YOU