regression-to-the-mean perspective on equity investments.

Yes. Yes, they do. So much price anchoring in the world. A friend of mine had a $2M 401k in 1999, and lost almost all of it because he figured each dip would go back to where it had been. (It was invested entirely in company stock, and the company went bankrupt eventually).

Tips: Hmmm. First thing I did was understand my FIL's risk tolerance (SUPER LOW). So I took that, and adapted it to his 30 year planning horizon. More conservative than I would have invested, but more aggressive than he would have. And reassured him that had/have sufficient cash/RT bonds to handle downturns, withdrawals, etc.

Each email he sends, I basically give the same message. My goal was just to be a broken record, more or less.