For example, the $1.6T Vanguard Group report that
In the first eight trading days of August, including two of the most volatile days since 2008, just under 2% of 401(k) participants at Vanguard made a change to their portfolios. In other words, over 98% stayed the course. Ninety-eight percent took no action. Ninety-eight percent took the long-term view..
..we know from our research that during a financial crisis, few investors actually cash out their entire portfolios. Yes, there is always a small fraction of investors—3% in the recent financial crisis–—who sell everything, so there’s always someone to interview about getting out of the market. But they aren’t typical investors. Most investors making a change in a falling market shift a small amount away from equities; others actually buy stocks as the market is falling.
