My brother-in-law is a "retired" financial advisor who has done very well for himself (incredibly well connected on national and international levels). Last August he took all of his money out of stocks and invested in very boring and safe places. Most of his financial buddies thought he was nuts and told him so. He just smiled. He is currently still smiling and biding his time - not worried in the least. He has confidence in the mid-term future. I know nothing about the markets but there are some smart people who are just waiting this out ... knowing that the global economy will recover and, if they time it right, they'll make a lotta money. In a weird way that kinda gives me hope.

That said, I've stocked up some and I'm more ready for anything now than I would normally be - no sense in being stupid about it.