that is the time to buy in more, not the time to sell.

1000000%

That's the other side of my strategy, having my portfolio in cash means I can reinvest at the new fire sale prices.

I was able to pay off my student loans by buying oil stock at a 90% discount in March 2020 and then waiting a few years for the rebound. You don't even need to be rich to do it, just patient.