Short term 5-10 years, long term beyond 10 years, then I would agree. Major market crashes occur every 5-10 years.

The problem with long term is you waste much of the time regaining what keeps getting lost during the short term.

I've held all cash since last July and will continue holding all cash. When the crash comes I'll make a 182% return in less than a year, not two Presidential terms, so I'm ahead of the game sitting on all cash for a year or two.