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Why would you advise to sell in the case of a crash? Japan is the only example that comes to mind of a long (decade+) sustained market decline. Are you really going to bet that you're Japan and not one of many other market downturns which recover in a relatively short (<2 years) time?

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Good point. The idea would be to avoid loss on the way down, and repurchase when the numbers go up again, but that would of course be very difficult to know when that is.

In practice, people who do that tend to lose money by selling low and buying high. It can take a steel gut to stay the course though.

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