... "there are no winners or losers, only survivors"...
... and the objective is just staying alive.
Strategies:
In strategy (1), the returns are high but the chance of a catastrophic event wiping you out is also high.
In strategy (2) (where you are essentially keeping your money under your mattress) catastrophic events in the market cannot harm you - but you are guaranteed to lose your shirt in the long run (because of inflationary depreciation).
So what should one do to keep financially afloat ?
"When in doubt, do both"
The prudent gambler plays for the highest stakes, yet, keeps some of the loot stashed away for a rainy day.
So, let's combine the two strategies and see what happens.
In the ecological context,
this is of direct relevance:
The objective of all strategies is to ensure the survival
of the species.