About 4-5 months too late IMO, but smart move. Cash is king for the foreseeable future.
Timing their exit to lock in $1.8bn of paper gains does look great ... with the benefit of hindsight. If the valuations had gone in the other direction, presumably there would be plenty of people saying what a stupid move it was to sell.
Completely untrue. There are uncountable numbers of people ringing both of those bells at the top and bottom of the market.
It's just hard to notice, because the bells ring at every other position of the market too.