I don't think it's a case of higher risks with stock at higher price. ...

I don't think it's a case of higher risks with stock at higher price.
The price of the the stock reflects the prior history and affects your ability to afford them. When people buy over their means to hold for long term, the risks are higher as higher stakes can easily result in emotional thinking Nobody can predict the future, we can only lessen risks with more reading and less reliance on hasty decision making due to branding