A, The masses always head for the exits eventually anyway. That is how we get big sell-offs, bear markets and the capitulation that forms the final bottom each market cycle. Those that wish to leave their capital in the path of the stampeding crowd on a "supporting the markets" thesis are free to do so. As a fiduciary my duty and preoccupation is focused on protecting our clients and getting their capital out before the mass exodus tramples prices down. We all have a choice each market cycle: we get to leave early, late or not at all. Leaving late is painful and leaves lasting capital damage and often fear and aversion to getting back in. Leaving not at all leaves losses that can take years into the next business cycle or even secular cycle(decades) to recoup. And that is if the person has the strength and means to wait. Many don't and won't. Leaving early preserves capital, retains gains and makes us ready, objective and rationally looking for the next attractive buying opportunities. If markets were to crash 80% as your math suggests, I am confident there would be a great many buyers rushing in to buy shares. We, at our firm, certainly would. And all the many other tactical managers and investors who have cash set aside would be happy to scoop up value in a panic sale. They always are and do. Actually they style their approach for just those opportunities. Avoiding big loses is key to a useful management discipline. In real life market cycles, there can be no meaningful buying opportunities unless we also devise methods to recognize and act on the 'selling opportunities' that come first. Advisors who always give clients the buying opportunity speech but never highlight selling opportunities before the downturn are worthless to real life clients. Sale prices are only of value when clients have capital ready to put to work. They can't do that if the bulk of their life savings chips are always left in the game. D