I would probably qualify for that group, since I have about 80% of my net worth in stocks. Or, to be more correct: I had. Now it's 20% stocks, 80% cash. I sold

I would probably qualify for that group, since I have about 80% of my net worth in stocks. Or, to be more correct: I had. Now it's 20% stocks, 80% cash. I sold a good part in December and January, because I considered that heavy upward price action to be unreasonable and a harbinger for at least a modest correction in the near-term, for which I wanted to have cash on hand to buy the dip. Turned out to be a bit early, I left some potential gains on the street, but I considered that Coronavirus situation (in China, back then) to be too risky for jumping back in, and when the first signs of uncontrolled Coronavirus outbreaks surfaced in Europe, I sold most of the remains at the beginning of the slide, while the market was still within 5% of its peak and just kept a few, some small positions that have been at huge losses already anyway and some larger positions in the healthcare sector (which have fared pretty well until now, I even realized some profits day-trading them in the meantime). So: just because people have had most of their money in stocks doesn't mean they necessarily still have. The beauty of stocks, especially for small private retail investors, is that they are extremely liquid, and not everyone uses a "buy-and-hold" strategy.