Same situation existed during internet bubble.
And situation repeated in real estate bubble.
Now it is covid bubble.
All bubbles get pricked eventually.
Longevity of bubbles depends on how much money is being printed.
What about Blackrock? Heavy into China I believe.
I was still working during the internet bubble and the real estate bubble. I stayed in the stock market (100%) and continued to buy mutual funds through my 401K. Worked out great.
When the Covid crash occurred (Feb/Mar 2020) I was 60/40 stocks/bonds. In mid March 2020, I took a chance and went all-in stocks. Worked out great.
Now that I am retired and taking RMDs, I have a different strategy. I have 3 years worth of RMDs in cash (to ride out the Biden fiasco) and the rest is in various Mutual funds and ETFs.
I am currently debating on whether to sell some mutual funds in anticipation of the bubble burst.
However, I will never be 100% out of the U.S. stock market.