While not everyone may agree with this position, consider the following ...
Most Americans working vanilla jobs / careers will have 40-odd years worth of hopefully slowly rising incomes before reaching retirement age. In contrast, historical up-down cycles in stocks and bonds tend to run something around 7-13 years. So, over the course of a vanilla job career, losses taken during a down cycle can ( typically ) be made up for by simply waiting for the next cycle to roll around.
However, like professional athletes, dancers and camgirls tend to have a relatively short time window of maximum earnings potential. Thus they arguable don't have the same option of simply waiting out multiple down cycles because their available earnings potential 14+ years from now is likely to be much less than it is today. From this peculiar standpoint, professional athletes, dancers and camgirls need to treat their investments in a similar way as people with vanilla jobs / careers that are age 55 or so ... i.e. within 7-13 years of retiring and no longer earning 'big' money ... thus highly 'exposed' to a single economic cycle.
The 'standard' investment advice cited by the OP is indeed the usual advice given to working Americans in their 20's and 30's. But it is given based on an assumption that the person is in a position of being able to slowly 'time-average' their investment purchases over the course of another 30+ years of vanilla earnings. However, where professional athletes, dancers and camgirls are concerned, the situation actually involves making large investment purchases over the course of 7-13 years ... with potentially little or no additional investment purchases beyond that point as their high earnings potential window closes down. Thus if a professional athlete, dancer or camgirl happens to 'buy in' at a high point in the 7-13 year cycle, and as a result incurs 30% losses, it's very likely that said losses cannot be made good before their high earnings potential window closes on them.
This of course leads to a school of though that professional athletes, dancers and camgirls should be more concerned with 'preservation of wealth' than with 'return on investment'. Investing strategies targeted toward 'preservation of wealth' typically do not involve being long the S&P or long US corporate bonds.
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