You mean, why that much, or why not all of it? I was tempted to sell all of it, but decided to wait a while.

I sold because I think the risk of further, large declines is greater than the likelihood of a continuing increase.

(In 2008, as that crisis was developing, I also sold everything, and bought back once things returned to a new normal.)

I mean why exit 50% of your position rather than ride it out? I figured you might find cash more prudent.

About 1/3 of my estate is in the stock market. I sold 1/2 of that 1/3. I'm prepared to sell the rest. I may sell the remaining 1/2 in the coming days. Cash is more prudent in an emergency, and I'm prepared for that too.

I have the usual spectrum, ranging from more money in safer, long-term investments, to smaller amounts that are liquid. All I've done is to move things moderately toward the more-liquid end of the spectrum.