Rich people (top 10-20%) are either financially smart or have financially smart people advising them. They will be well diversified in all asset classes. And will have a lot of liquid capital ready to buy after the bubble bursts. And also keep themselves fat and well fed. The wealth transfers up.

There are many articles around this topic and offerered alternatives. Though I don’t think there’s a consensus yet. Companies and individuals who made the change all did something slightly different.