It does depend on the circumstances. If a person has a portfolio in a taxable account then I wouldn't recommend selling, especially if they have enough cash to ride out the next couple of years. But for someone with tax deferred accounts I don't see a good reason to remain invested while all of this gets sorted out. Move it to cash and just wait and see. Portfolios don't mean much in a panic since everything goes down. Mutual funds can be hard to sell in a panic and even safe money market funds can have problems. We saw issues like that in 2008 and again in 2020. Muni bonds can be blown up fairly easily and so can corporate bonds. There will be a lot of bankruptcies coming out of this so a bunch of bonds will get blown up over the next 18 months.