For those who stick to a meaningful asset allocation (e.g. 60/40, 80/20, etc), this does not pose significant problem -- they would not be buying much stock in the last 3 years. Instead, they would be buying mostly fixed-income. Probably mostly in 401k/IRA accounts.
But if their debt goes bad, isn’t that debt the very bonds that make up the other part of those asset allocations?
Typical total bond market fund like BND is ~70% in USG -- pretty solid:
https://investor.vanguard.com/investment-products/etfs/profi...