As a counter to that thought, I believe you can....if the company you have all your stock in is as transformational as Tesla.I would think, when getting to retirement age, the thing to do would be to liquidate enough to establish a reliable income stream. At that point you can’t really have your entire net worth tied up in a volatile stock, no matter how much you believe in it.
I retired 2 years ago with well over 90% of my net wort invested in TSLA. I sell a few shares as needed to live as I want and help when I can.
Tesla has enabled me to buy my son a M3, pay for his master’s degree, help keep my mother in her home the last several years as her health failed, send my life partner to Europe to see her parents for the first time in several years.
As others have said, even if TSLA were to fall by 2/3rds, I could still live comfortably. (Well, unless I was silly enough to buy a mountain and needed tons of catnip to stay sane)
I would diversify, but in what? As I look around, I see very few places to put money into that are as safe as Tesla.
On another note....the wailing and posting about how Elon selling was "a bad look" or somehow a lie made me just a bit angry.
Even if Elon was not the one person doing the most for humanity, he still has the right to do what he wants when he wants with HIS money.
The fact, he has made many here rich and has almost single-handedly pulled the EV industry to where it is now gives him even more right IMHO.
Hope you all have a good weekend ...good things are coming.