During a recent talk on the risk of investing in equities and the myth that stocks are safe in the long-run, Bodie mentions the following:

In a portion of the talk entitled Safe Investing in Risky Times, Bodie says conventional investment advice is based on the “mistaken principle” of time diversification. This leads to portfolios that are “riskier than consumers realize.” Therefore, he argues, the starting point should be “100% inflation-proof, guaranteed annuities.” Investors can hope for the best, he says, but must “prepare for the worst.”