Sorta...
I think that right now, not holding stock is a wise idea.
Long-term the short-term reasons that I believe that are irrelevant, it doesn't matter which you do.
But I would suggest that you read that speech by Bogle. A managed investment portfolio is something that I don't believe is a very good idea for reasons that he explains very well.
Cheers,
Ben
"... I couldn't see how anyone could be educated by this self-propagating system in which people pass exams, teach others to pass exams, but nobody knows anything."
--Richard Feynman