Perhaps he should have quantified that as speculative investing?
On the other hand, are Government bonds without risk? Plenty of dodgy Governments/Countries around the world, and I am not sure we are not one of them.
Same can be said of term investments. It wouldn't be the first time a Government has reached into bank accounts of private individuals to prop themselves up. Never mind what might happen to a currency during the course of your fixed term.
Having wealth of any kind is a risk, but most of us see it as a risk we would happily take on. Others spend it and will go to their graves happily knowing that the experience can't be taken from them (baring a dose of alzheimer's).
As for the bleeding red portfolio I am looking at today - should have cashed up yesterday.