A more practical definition of risk is the chance of running out of money in retirement. From this point of view, stocks can be *less* risky than bonds, because over the long run, stocks almost certainly grow more than bonds.
Many of us bogleheads believe in learning about finance enough to understand what to expect, then make our own choices, DIY style. In that spirit, our risk tolerance isn’t fixed, but can be improved through education.
For example, here are all the places where a max drawdown of a 60/40 portfolio is more than 20% (using Shiller’s data, so since 1871, and inflation adjusted):
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Sep 1906 -> Oct 1907 (-25.03%, stocks: -35.87%, bonds: -6.21%)
Dec 1915 -> Jun 1920 (-43.67%, stocks: -44.16%, bonds: -44.12%)
Sep 1929 -> Jun 1932 (-50.35%, stocks: -76.80%, bonds: 38.23%)
Feb 1937 -> Apr 1938 (-26.03%, stocks: -41.84%, bonds: 3.79%)
Oct 1939 -> May 1942 (-27.29%, stocks: -37.27%, bonds: -10.84%)
Apr 1946 -> Feb 1948 (-29.24%, stocks: -35.38%, bonds: -19.94%)
Nov 1968 -> Jun 1970 (-24.07%, stocks: -30.98%, bonds: -13.00%)
Jan 1973 -> Dec 1974 (-36.99%, stocks: -50.06%, bonds: -12.18%)
Dec 1976 -> Sep 1981 (-23.35%, stocks: -10.77%, bonds: -40.66%)
Aug 2000 -> Feb 2003 (-22.66%, stocks: -44.85%, bonds: 23.90%)
Oct 2007 -> Mar 2009 (-28.30%, stocks: -49.94%, bonds: 18.80%)
Dec 2021 -> Oct 2022 (-23.88%, stocks: -24.47%, bonds: -23.30%)
So, last year's drawdown was historically common and expected. If you're following some back tested withdrawal strategy, such as a 3.8% withdrawal rate, this drawdown was well within historical precedent, so isn't a reason to worry about running out of money in retirement.