I can't believe having to post these on the BRK board.
............
Advising people to not panic isn't a sneer.

Ray, you did not advise people to not panic. You told them as you say yourself "a well accepted market truth---that corrections are an integral part of the market" --- as if the same ones have no idea of that, because of that ignorance get out of a market they don't like, and by doing so are making a grave mistake.

Speaking for myself as your post might mostly be caused by one from me: What's a mistake or not can't be judged by the pure numbers alone. This view is too narrow as it doesn't take into account that it's equally important that the way one invests must fit the psychology and mentality of the investor.

Some years ago I came to the conclusion that optimizing returns for me personally is not that important anymore, if I look at a)how much I have and b)how much I need and c)how much longer it must last. That taken a+b+c together most important for me is to avoid a "black swan" event eliminating the majority of my assets, but that I don't have to care whether my portfolio returns a few % more or less a year.

In other words: Yes, apart from my Berkshire holdings I am since now a full year year out of the since then constantly rising market --- but I am out of it in full awareness that to optimize returns I should simply mechanically be fully invested all times (or at least until we are clearly a bear market), ignoring the investors biggest enemy, his emotions. But as I said: Optimizing returns is not everything in investing. The way one invests must fit the person who does invest.

P. S. : Though last year apart from Berkshire stocks I stayed completely out of the rising market I didn't give up anything return-wise by doing something which it seems is not done here, maybe even seen as "heresy": By betting against Berkshire by buying Puts. As I wrote before by repeatedly doing last year I added a full 8% to what my Berkshire shares returned that year (not too shabby as it meant adding 5% to my net assets; this year doing the same again already added 2%).