I can't answer for him. It's a logical question now, but no-one then was privileged to what was to happen next. The stock market is unpredictable for even the most knowledgeable of experts. Too many uncontrollable variables. A nuclear disaster, recurring tornadoes, tsunamis with massive flooding, gas plant explosions, civil uprising in the third world (some of whom control part of our energy supply), all could send the market in a tailspin faster than you can yell "SELL OFF". Of course no need to point out that the first three of the above scenarios have actually played out in the last few years.