While trying to save for a hoped-for retirement in a few years I am also in cash except for physical-holding Gold and Silver funds.
I have missed the rise over the last 2 years while sitting the market out. I have my reasons besides the ongoing belief it HAS to correct/crash at some point, and I might not have time to get out first.
In 1999 I missed a huge percentage rise while sitting out and waiting for the big drop, then in Jan/Feb of 2000 with no drop I started piling in only to lose my shirt in the Tech crash that followed.
I am still recovering from that loss, and one result is timid investing.
And still I wait for more reasonable valuations.