You can always find people who “predicted” a crash. When you look closer you find that their skill is indistinguishable from luck. After all, lottery winners predicted their numbers too. Look at the US market from 1995 to 1999. By 1996 you heard almost continuous warnings of an imminent crash. But if you took your money out then, you may have lost the huge gains from 1997-1999. It’s also unpredictable when the market will recover after a crash. Those who stayed out of the market too long after the 1987 crash missed big gains just a few months later. Many studies have shown that investors who time the market (get in & out based on their predictions) do worse on average than do buy & hold investors. The reason is simple--the market timers really had no clairvoyance, so they lost the general (7.5% average) rise in the market whenever they were out of it. Plus they increased their transaction costs over those of the buy & hold investor.