Stockman-
Yesterday you wrote:

"(long only' equity managers have to be long equities, usually their ability to hold cash or buy bonds is limited (by investment policy).)"

First, thanks again for the continuing equities market lesson.

My question relative to your quote...
Is the long-only equity investment policy used primarily to maintain an orderly equities market during down cycles (bearish sentiments)?

I think I understand the how, not the why

Thanks