The problem with the equity market is that -15% results overnight when you cannot react fast enough for it to matter (e.g. META) happen in individual names all the time and when concentration in the indices gets to where it is now one of those hits you for 2% all on its own!

Stack of a couple of them and its "oh boy!" and then the institutional people pile in. If you're in an ETF index fund you CAN bail on it -- but WILL you or will you believe the "buy the dip" folks? 90% of the time it is a dip but the one time it isn't you lose half your account.

You never make money selling things.
You ALWAYS make (or lose) money buying them.

When markets get expensive trying to chase the last 20% or even the last double is dubious because a 50% loss REQUIRES A DOUBLE to get it back.

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