The big 4 Banks & dividend trouble ahead, page-42

I share your cautious view.

Although his comments do suggest ignorance and complacency, those who have held big banks over the last twenty years - producing amazing results for retail investors without stress - may be more inclined to overlook the 20-40% declines since early 2015, and may be more inclined to rationalise recent underperformance of income and large cap exposures as transient ... it may require even greater conviction for them to sell down stocks to which they feel emotional attachment.

For these investors who endure in hope, pray they are not nearing retirement (sequence risk).