Dang, thread mortality rate due to corona virus is higher than human mortality rate due to corona virus. /s
The truth is, you're close to death every day. We never know when we're going to be taken out. That doesn't mean we yolo our money on booze and drugs. Sure, keep a cash cushion to survive a downturn, a layoff, whatever. These things happen, so it helps to be a little prepared. But what the f* else are you going to do with that money otherwise if you already have a hedge, huh? I don't understand that. Having money sitting around just to be sitting around does nothing. If you don't need it, it can drop all it wants and what do you care? We have every reason to believe it will go back up at some point. Humanity moves on, things get created, markets continue. If a virus snuffs you out, that does suck, but all the money in the world can't guarantee your life anyway. I'm not going to sabotage my future by fear. If I die before FI, I won't really be around to care, will I? But if I reach the age that I could have FIREd but I can't because I was stupid with my money, well that REALLY sucks.
Sorry, kinda preaching to the air here. Just needed to express this. (also, "you" in the above paragraph was meant to be generic, I wasn't trying to single out the OP :) )
To the OPs point, have that cash cushion to your satisfaction. I like to shoot for having a year's worth of expenses, but this will vary for everybody depending on their personal level of risk. It's fine to gamble a bit and wait to invest some of your money - it could go cheaper. But you're already getting a nice little discount compared to a month ago.