It sure has been hard on fixed income such as cd's, money markets, and Tbills. You just get no return. A few years ago I could go to Treasury Direct online and get a 3 month Tbill for 4.975%. They would suck the money out of your account and 3 months later put it back with the interest. Any fixed money in the 401K that was in fixed was like having the mailman show up each month, ring the door bell, and then hand you a check. That is long gone. So everyone feels like they need to put it in stock.