We are long overdue a major stock market correction.
Valuations look painfully high on historic measures, geopolitical risks abound, and it's been significantly longer than usual since the last market crash.
In this excellent FT column, former wealth manager Jason Butler does a great job explaining how to manage our own behaviour when the crash inevitably arrives.
He describes the emotions which so often derail investors and the importance of portfolio diversification as an effective way of smoothing returns.
The three questions Jason ends the article with are important and point towards capacity for risk, as well as long-term belief in the ability for capitalism to continue delivering profits.
How you position your own portfolio in the current environment will depend on a variety of factors and must be a personal decision, ideally made with the benefit of professional independent financial advice.
Being aware of the behavioural biases which can damage our long-term investment returns is crucial.
For most people, their investment time horizon will be much longer than it is likely to take for equity markets to recover from a crash and make new gains.