I don't know how much more of this i can take.
Try this on for size. Igy is about 65 years old. As such, he's resigned to strive for an asset allocation that is a bit heavy on fixed assets, bonds, real estate, treasuries, etc., and light on stocks. That's where he is and it is conventional wisdom to boot. So, as he transitions to this a few years ago, he says why not, but in so doing, he sees equities go considerably higher (and higher, and higher...). Misery loves company so he justifies his misfortune by discrediting everyone else who he is secretly envious of.
Short version: Igy is light on stocks because that's the recommended asset allocation of an investor of his age. He taunts others who are making a killing just because he's on the sidelines and can't play, though he could if wanted to risk his assets with a long investment horizon no longer available to earn it back if it were to dip.
If he had any balls he'd short the hell out of the market. But that doesn't fit the profile.