Honestly, thats the million dollar question. The conservative answer is what you hit already, just sit tight, ride it out and it will come out strong.

Others will tell you to try and time the market, liquidate before the major drop, sit on defensives for a time until the market is bottomed, buy back in to equities.

Realistically, I tell people to just stay with diversified accounts, but the allocations are changing all the time.

For instance, right now most people are putting alot more of a % into internationals, certain funds/areas/industries, but more so than was the norm in the past.

Past that, it depends on the individual.