My retirement fund that I just started was worth $15k in December of 2021. Then, May of 2022, our area was hit really hard. My retirement plan went down to $7k. Today, it’s worth $11k. I lost $4k on my retirement plan. It’s invested in total market funds, some tech, some big cap companies, and healthcare. But every sector has been ravaged by the stock market changes.
He didn’t have to know, and he himself knew of the alternatives for people who don’t “know how to gamble”. Nobody in any country can stop you from using your own money in an unwise manner.