20 years in the same fund &#x2F; strategy is generally a poor strategy, especially for retirement savings. That said investing for 20 years plus<p>Early on your appetite for risk should be much higher but as you get nearer to your end point (generally retirement, but could be kids going to college etc) you want to reduce your risk exposure. Generally this is done by switching the balance of your portfolio more into bonds and low volatility equities.