If your cash position is a one-time thing that’s fine I guess, but if you’ve been saying that for a few years (most people in that position do, not saying it’s you) then you’ve been losing a lot.

I’ve been constantly invested in index funds for 10+ years, never sold a position, including before/after March 2020. Some positions I have are up more than 200%. A crash of 50% won’t do me too much damage, I’ll still be way, way far ahead of the many friends I have who have been in cash since 2015, repeating your same “a correction is likely, I’ll wait for the bottom to get in”.