From the author:
"The stock market has declined by 25% or more on 11 occasions since 1871. The median recovery time from this point has been 1.8 years.
Investors who shifted to cash after the 1929 crash faced a 34-year wait to break even, compared with 15 years for those who remained invested and less than 7 years for those who drip-fed additional small amounts in.
A “dash for cash” in 2001 and 2008 would still have left investors out of pocket today"
I would add that one needs to be aware of their own investment time horizon.https://www.schroders.com/en/insights/economics/downturns-this-deep-can-take-a-long-time-to-recover-from-financially-and-mentally/