I understand that this big drop in the market has scared many investors. For many people, their first reaction is to sell and go into something really safe.
Everybody's situation is different based on many factors, like time horizon, tax consequences, the objective of the account, and many other issues so making a drastic decision shouldn't be made without reviewing all the consequences.
This article I came across written by Paul J. Chew at Brown Advisory, reconfirmed that I'm managing the portfolios in a sound way. I encourage you to read this article because I believe that it will explain the markets in 2008 and what happened since then. It gives you the opportunity not to make the same mistakes that most investors made in 2009.
I really loved this quote in the article "History doesn't repeat, but it does rhyme".