I'm not shorting, but I'm glad to see equity valuations falling :) I feel like it brings the last few years into balance, and makes me more confident to sock my paychecks into the market. I have been waiting for this for years, and now's the time to buy, most likely tomorrow will be too metaphorically speaking -- and that's fine. No one knows what will happen. Even if we do have a real financial Armageddon, I'm still ready with a couple small tail hedges. Calm and collected, slow and steady, wins the race.