Markets are volatile again. Should I just cash out and wait?

## Summary
It is not just what the market does that shapes our investment outcomes, but also how we respond to it, finance writer Dawn Cher said. (Illustration: CNA/Clara Ho) New: You can now listen to articles. Dawn Cher Dawn Cher 28 Mar 2026 09:30PM Bookmark Bookmark Share WhatsApp Telegram Facebook Twitter Email LinkedIn Set CNA as your preferred source on Google Add CNA as a trusted source to help Google better understand and surface our content in search results. WHAT FEELS OBVIOUS OFTEN ISN'T When the Iran war began on Feb 28, most investors expected gold and oil prices to rise . Related: Facing my money mistakes each year is tough, but I realised ignoring them will cost me more I pictured a financial future I don’t want – and it changed how I handle money Source: CNA/ay/sf Sign up for our newsletters Get our pick of top stories and thought-provoking articles in your inbox Subscribe here Get the CNA app Stay updated with notifications for breaking news and our best stories Download here Get WhatsApp alerts Join our channel for the top reads for the day on your preferred chat app Join here Related Topics investment stock market Personal finance investing gold Advertisement Recommended Content is loading...

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Markets are volatile again. Should I just cash out and wait?
As geopolitical conflicts rattle markets, it may feel safer to step aside. But reacting to short-term uncertainty may end up hurting returns, finance author Dawn Cher says.
It is not just what the market does that shapes our investment outcomes, but also how we respond to it, finance writer Dawn Cher said. (Illustration: CNA/Clara Ho)
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Dawn Cher
Dawn Cher
28 Mar 2026 09:30PM
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In recent weeks, as geopolitical conflicts between the United States and the Middle East
turned markets into a rollercoaster
, I've been getting the same question from friends and readers.
"Markets are so volatile now … should I just pull everything out and wait?"
It is an understandable reaction. News headlines have been dominated by war, rising geopolitical tensions and unpredictable policy shifts. As a result, markets have moved wildly from one day to the next.
My own portfolio saw a six-figure loss in one day, before bouncing back into profit two days later.
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When uncertainty rises, our instinct is often the same: step aside, move to cash and wait for things to feel safe again.
Our brains are wired to chase what feels good and avoid what feels dangerous.
In nature, that instinct keeps us alive. But in markets, that behaviour pushes us to buy at the top and sell at the bottom.
Related:
Commentary: Why the Iran war has morphed into panic selling in Asia
Asian stocks tumble as Gulf war rages
Pulling money out of the market can feel like taking control. You're no longer exposed to volatility. Your portfolio stops fluctuating. The anxiety quiets down.
But that sense of safety is often an illusion, because our money is still being affected – by inflation, by missed opportunities and by the simple reality that markets rarely wait for clarity before they recover.
So instead of reacting to every news headline, a better approach is to build a portfolio that lets you withstand volatility without losing sleep at night.
WHAT FEELS OBVIOUS OFTEN ISN'T
When the Iran war began on Feb 28, most investors expected
gold and oil prices to rise
.
Logically, it made sense because oil infrastructure was reportedly hit, Iran's currency came under pressure, and tensions around
the Strait of Hormuz
raised fears of supply disruptions.
For many investors, it felt like an obvious trade – even for those who had never invested in gold or oil before.
However, markets rarely move in straight lines. Those who rushed in would have been in for a rude shock.
When there is uncertainty about the impact on investments due to an unexpected event or crisis, a panicked rush to buy less risky assets is not always the best move. (Photo: Pexels)
It took almost a week for oil prices to peak above S$119 (US$93) on Mar 9, after which the markets experienced a severe reversal the very next day, following reports that G7 nations were considering
releasing strategic reserves
to stabilise supply.
Gold prices have been equally unpredictable during this same period. Today,
gold prices are even lower
than before the war started.
So what felt "safe" turned out to be anything but that.
INVESTING FEELS HARDEST AT THE START
Whether it is oil, gold or stocks, no investment is guaranteed.
Having invested for more than a decade, I have come to realise that all great investments hardly feel comfortable at the time of purchase, because we have no control over where prices will be in the short to medium term.
I didn't feel safe when I bought shares of the US-based
data analytics firm
Palantir Technologies
at US$7 or Singapore's DBS bank at S$14.
That only seems obvious in hindsight, but back then in the moment, it felt just as uncertain as it does now.
Related:
I made an investment mistake. How do I recover from it?
The costly lesson I learnt from buying insurance that doubles as investment
The question is whether you understand your investments well enough to act, even when it may feel counterintuitive.
After all, some of the strongest market rebounds in history have come at times when the outlook still looked bleak. By the time things feel stable again, much of the recovery has often already taken place.
This creates a difficult paradox: The moment you feel most uncomfortable staying invested is often when it matters most

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## Expert Analysis

### Merits
- Yet over time, they have also trended upwards, driven by economic growth, innovation and productivity.

### Areas for Consideration
- CNA Games Guess Word Crack the word, one row at a time Buzzword Create words using the given letters Mini Sudoku Tiny puzzle, mighty brain teaser Mini Crossword Small grid, big challenge Word Search Spot as many words as you can Show More Show Less When uncertainty rises, our instinct is often the same: step aside, move to cash and wait for things to feel safe again.
- This creates a difficult paradox: The moment you feel most uncomfortable staying invested is often when it matters most to stay the course – or even to invest more.
- THINKING ABOUT RISK AND UNCERTAINTY DIFFERENTLY In volatile periods, it is easy to focus on market risks such as price swings, economic uncertainty and geopolitical events.

### Implications
- Should I just cash out and wait?
- As geopolitical conflicts rattle markets, it may feel safer to step aside.
- But reacting to short-term uncertainty may end up hurting returns, finance author Dawn Cher says.
- Click here to return to FAST Tap here to return to FAST FAST In recent weeks, as geopolitical conflicts between the United States and the Middle East turned markets into a rollercoaster , I've been getting the same question from friends and readers. "Markets are so volatile now … should I just pull everything out and wait?" It is an understandable reaction.

### Expert Commentary
This article covers markets, feel, uncertainty topics. Notable strengths include discussion of markets. Areas of concern are also raised. Readability: Flesch-Kincaid grade 0.0. Word count: 1355.