What kind of people do you think get out at the top of bull markets?

Question

Just an opinion question.

Surely it's not the average Joe, who invested money to make money fast and thinks the market will continue to the moon.

It could be, ironically, the small investors who are beginning to struggle with payments on the verge of a recession (market as leading indicator...)

Couldn't be money managers, since even if they rotated funds from high P/Es to value it would have no effect on the overall market (mutual fund restrictions on total investments, etc.)

Couldn't be any conservative investors, since they don't try to time the market, but could it be the smart big-time investor who begins to realize overvalue and increases his cash position?

The market is a leading indicator of the economy and investment money drives stocks, so it's not earnings.

People slowly want to splurge their gains?

Less and less buyers are left to drive the stock up, so impatient amateur traders want to go buy a tv?

What do you think?

Answer 1

The most experienced get out on the way up, not after a stock has peaked. This is even more true in a volatile market like the current one.  The purpose is to make money adn take profits, not make it than watch it waste away.