"the money has to go somewhere"...now the unspoken part "but not cash"
In other words....Money managers who are paid as a percentage of "funds under management" don't get paid when your funds are in cash. Managers have to keep your funds invested to get paid. In a falling market it doesn't matter to your money manager if you loose money or not, just so long as their performance is better than the money manager down the street and you don't take your money away from them. Just ask anyone who was invested with a long only management firm in 2008/09. Try a Fisher investor. See if they don't agree.
You did notice the onslaught of investment salesmen after 09 didn't you?
Not my words, straight from the mouth of a MAJOR investment firm salesman.