The problem with that story is the dates. If you sold in 1998 when PG realized the ponzi characteristic of the market[1] you'd have lost ("lost") a ton of money. The nasdaq composite in June of 1998 was about $1800. It reached a peak of $5000 (!!!!) just before the crash.
The advice is correct, but in practice it's only helpful if you can time the crash, which you can't. Cycle-driven run-ups in advance of bubble burst events can be shockingly long.
[1] Which is roughly where we are right now with the AI bubble.
The advice is correct, but in practice it's only helpful if you can time the crash, which you can't. Cycle-driven run-ups in advance of bubble burst events can be shockingly long.
[1] Which is roughly where we are right now with the AI bubble.