I was looking for getting investment advices from people and I applied some. Not surprisingly, I lost money. Since then, I never get any recommendations blindly, I always make my own research and make a decision on my own. The reason was not that I lost money, but I lost money based on someone else's advice. When I lose, I lose. I learn from my mistakes and move on. It's at least my decision and I cannot blame anyone else. But when you fail with other people's thoughts, its like it eats you inside.
Making an investment basket is always a good idea. However, I personally wouldn't put a penny on risky investments if I were a grandfather. Risk fits youth. You can always comeback if you fail when you are young. After retirement, people should use their money wisely and only invest in low-risk investments such as bonds, and adjust to a life they managed to built for all those years.