I came into retirement unexpectedly (3 years early) just ahead of the pandemic, in Jan 2020. It came with a severance, and we had home equity squirrelled away in a money market, so we had a ton of cash. I have been 100% equities for a long time, and individual stocks, not indexes. With such a portfolio, there are always companies which are "low," and which are "high," so selling isn't so much a matter of poor value, but more investment consideration. (Think Apple through the 2008-2009 recession, which then "crashed" in 2013)
We bought a house and car for cash, and my goal now is to maintain a year's spending in cash. In reality, we usually have more, as our investment accounts generally have some "dry powder" from dividends and/or sales.
2020 was an inverse SORR for me. Best investing year of my life, amidst all the downsides. I have never had trouble sleeping at night with a portfolio like this, with all the practice I have had, but it definitely is not for everyone. Not even for most. But for those wired to think a down market means it is on sale, and the discipline to think of stocks as pieces of companies rather than roulette positions, there are a lot of aspects of retirement risk management that do not apply. You have a very different set of risks.