Whether to sell depends on time frame. Anyone need to to live off their paper profits for next 10 years should raise cash. Take some profits on core positions and get risk of speculative story stocks. Having cash, clears the mind - forces you to make active decision of at what price to buy, prevents being depressed “why didn’t I sell” and makes you look fr new idea. Find stocks you want to buy, and decide what price you think is a bargain. A falling market means some stocks are going fall below good value, and if you haven’t figured that out in advance you won’t see it.

Thinking got distorted by negative interest rates, the economy got severally impacted - instead of using low rates to buy long term earning assets that would make the economy more productive, there has been a pile in to financial assets and real estate - rising prices confirmed in too many peoples minds that prices could only go.

It will take a seriously large decline to break people out of that fantasy. Too many think the Fed will intervene to keep market up - the only thing they can do is markets stay open and trading. People have a ton of false beliefs to be abused of.

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agreed, as Ackman says 'shock the market!' so people stop free-riding and we get a more sensible business cycle in the long run

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