If we lived for centuries, that would apply.
There are times when having cash to buy bargains can create tremendous gains. There are times when we perceive stocks to be “bargains” and those are the times usually create the biggest and most horrific losses.
[WARNING: REPLY IN KIND]
What, you don't live hundreds of years? Wow, you poor poor darling.
Back to Planet earth.
A normal retirement savings span is say 40 years. You're the smart one, you tell me which 40-year span is the one that would have been bad for stocks and great for stupid cash? Yeah, sure there can be say a year or two that stocks are bad and if we only lived a year or two then you'd be right.