Comment by AnimalMuppet

Sell enough that, if the market tanks, you won't regret it. Keep enough in that, if the market doesn't tank, you also won't regret it.

For me, I moved some money out of the stock market. The PE ratios are just too high to make sense. (I mean, I think that the competition is bonds, and the interest rates on bonds being lower means that stocks can support a higher PE. Still, I think the current level is probably insane. I especially suspect that AI stocks are going to get hammered, so I reduced my exposure there.) But I didn't get completely out; for medium- to long-term money, I still want to be there.

Could I miss some gains? Absolutely. But I also could dodge some losses.