This type of question might not be right for this buy and hold type crowd here.
However, I feel you should have some buying power when equities do get fire sale. This being said, I do belive the fire is started and a lot of poorly timed buy backs have inflated the corporate balance sheet with bond issues for these buy backs. This is find in a low interest rate enviroment but when every 100 basis points increase deducts from the net profit it will reflect these buy backs were poorly timed.
Good Luck out there!