> ..."you can't lose money in the stock market long-term"...

Put in a large enough number of years in that "long-term", and it is true. But many people don't have the time horizons of institutional investors, so what is "long-term" to an re-insurance company might be "lifetime" to an individual investor.

Now, if we could only resolve the principal-agent problem for institutional investors to the benefit of individual participants that make up the institution's backers...