My thinking is that a lot of them bought in early and are...

My thinking is that a lot of them bought in early and are sitting on 4/5 bags now. Which means they would have had to sell 1/4 1/5 of their initial holding to recoup their original investment and carry the rest. It doesnt mean its risk off, but it certainly helps one sleep at night knowing the retirement isnt hanging in the balance. Also the time period i am looking at is over a year including dmi days, not from December to now.
Perhaps I am thinking of my own de risking and blindly applying it to others in which case I am most likely wrong. It doesn't hurt to derisk as you go along and preserve capital when you start getting overweight in the stock.