"Taking some off the table" is a gambling reference.
I use a robust technology solution to assess risk, both to the upside and downside. Of course, people are more than elated to see growth when things are up… the more the merrier! However, until a correction happens, the stress test scenarios I run are hypothetical (ie. “What would it do in another 2008 bear or 2013 bull”. We can all look back and say 2008 would have been a great time to buy, but the future is unknown. When it’s your portfolio, it’s hard to avoid emotions. You WISH you could have sold everything and repurchased later. The reality is, and I think we all know this, even if someone manages to time a great exit, it’s unlikely that a re-entry is well timed, especially on a consistent basis. Consequently, what we’re left with is that we should be invested in an allocation that matches risk tolerance, time horizon, liquidity needs, etc. I’ve depicted the “emotional challenge” of investing in a correction below.