We all have different risk tolerances.
Historically when there is a correction the market comes back strong and continues on a long term 8-10% path of price appreciation.
Also understand why you would have taken your 401 equities and put them in cash but you did lose a lot of appreciation by doing that.
Not saying you are wrong but I tend to be somewhat more aggressive than most and have faith in our economy over the long run. Having said this over the past few years more of my mutual fund investments have gone to more conservative equity funds like value and dividend yield funds.
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