I know this story - I used to work in the City and have heard it many times. The real issue is "What is long-term?". If you plan to make money over a 3-5 year time horizon then the stock market can be far too volatile to achieve that safely.
If, on the other hand, you measure returns over 25+ years then stocks will frequently outperform property and many other asset classes.
I personally would be reluctant to put much into the world's stock markets at the moment - I know prices llok low but I'd prefer not to watch them fall even further after sticking my hard-earned cash in!
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