Sean Gates

who went all to cash, right?

And this has happened to me many times, right?

And my job in that moment is to convince them not to do it.

Say I have a 50% success rate, right?

So some people I'll talk off the ledge and some people I won't.

The people I can talk off the ledge better is usually someone who has a conservative element in their portfolio that I can say, hey,

Let's use this moment in time to make a positive action, a temporary moment of rebalance where we say you're 50-50 stocks and bonds.

Let's sell some of the bonds, lower your bond allocation and buy into the madness.

That gives them something to do in that moment of pain and avoided the worst outcome.

It's hard to quantify the worst outcome.

Nobody cares about the person who didn't sell to cash in a panic because no one reports it.

That's a very critical component.

You should always have some amount of conservatism in your portfolio to make a positive movement.