If you're a value investor, you've been waiting for prices like these.
For several months, you watched the market hit new highs. But you avoided ploughing in, realizing that buying on the way up is a recipe for disaster. You saw the market's PE 10 climb well into the 20's while IPOs and certain public and private tech names traded hands at egregious multiples.
You waited patiently through all of this, sitting idle on your pile of cash while the traders around you counted their returns. But now the tables have turned. The traders are willing to turn in their stocks (viewed as nothing but pieces of paper) in return for liquidity.
You, on the other hand, don't need the liquidity; you recognize that what you invest in the market should only be money you won't need for several years. Times like these are the times when you get paid. You get paid for having liquidity, and you get paid for having a long-term outlook.
So don't be fearful when everyone else is. This is when you get to buy stocks (viewed as pieces of businesses) for far less than they are worth. Take advantage of this opportunity by buying on the way down. Whether you have the courage to pull the trigger now will likely be a factor in how strong your returns will be over the next several years.
Disclosure: Longer many stocks