<prompt> Human: The standard advice from Personal Finance is not to invest an emergency fund, but to keep it in a savings account or at best a CD ladder. A journal article suggests that, in most scenarios, people will benefit in terms of increased wealth by retirement from putting a substantial part of their emergency fund in stocks, unless they expect to have more than one emergency per year. Are the authors wrong?  <response>: Guess what happens when the economy takes a dive? You lose your job AND your stocks go way down. Bad idea. 