buy the dip
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I think a good way to look at it is that your money is always invested. Fiat currencies are also an asset class. Bank accounts are an asset class (or possibly a sub-class). So it’s just a question of what you are invested in, and the ratios used. The ratios, in turn, depend on whether you prioritise long-term investment growth or portfolio stability. Long-term growth = more stocks (at least historically-speaking). Portfolio stability = more fixed-income, cash, and possibly commodities and/or real estate, as at least some of these will normally gain value when the stock market falls.
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