Subject: Re: Ot scaling back stocks
A $1M portfolio gained about $280,000. That's a lot to leave invested when valuations are so high and there is a bit of political uncertainty.
If a smart person says that he has moved a lot out of stocks and into T-bills, maybe it would be a Good Thing™ to take that entire 2024 gain and put it into T-bills. It sure would be nice to protect that gain.

At the end of the year, this person has $1.28M in the above scenario.
I'm trying to understand the reasoning here. How is it good to "protect the gain" of $280k by moving it into T-bills, but to not move the $1M into T-bills? Why $280k, why not $500k, why not perhaps $1.28M, or why not $0? What is the specific reasoning to move $280k into T-bills? Why "protect" only $280k instead of protecting more or less than that amount?