nice post jake, your freind and his broker should give their head a shake. Taking money away from what may be one of the greatest investments for years, IMO, is stupid and not great management of their assets.

So, your freind will rebalance, and most likely buy stocks that will average out,if lucky, 20 -50 % returns for a year, and may end up with a negative return. In the meantime, he may have just walked away from a 5000% return by years end.

PS; I,m glad to have you in our minority.