Dang, how many hundred years old are you?
Wikipedia has some great history about market corrections and manias, going wayyyyy back.
Every major market crash has seen a significant recovery, in not too long a tiem period. Betting that this time, it doesn’t is playing against the odds.
The real problem for folks, is if they need the money now, or you want to buy stuff, would like to, but have spent all your cash. Most folks only have about 7% of their net worth liquid at any given time, making buying low hard. And it just gets lower, and lower, and lower. But, there will be the odd ball few, that will indeed pick this bottom, and become rich. I’d be willing to bet Uncle Sam is one of them.
You can call me stupid for liquidating my stock holdings weeks ago, but there are millions of investors about now who wish they had done just what I did. It’s called preservation of capital during a meltdown.
I didn’t say I did not believe there would be a recovery. And in fact when there is one, I’m poised on the sidelines with dry powder to get in, if I choose to.