Personally I've turned very cautious because of what I see (little or no growth in the world, ineffective monetary policy, and incompetent politicians and fiscal policy), but I would not worry too much about what any "expert" says.
DH, on this last point you made, would you recommend younger folks (like myself, lets just say 30 or less to have an idea of age range) to take the same cautious look on things?
That's a good question. I certainly put everything I could into the stock market when I was your age and that worked out well. All the research and evidence supports the idea that the risk of stocks is greatly reduced over a long time span. That will always be true.
At the same time, 2008 was very painful and unexpected. Even hardcore efficient market guys like Bernstein have changed their tune and now recommend people only have at risk in the market what they can afford to lose. That suggests that even young people should have significant savings and investments that are not in stocks.
What worries me is that much of the great performance of stocks over the last 60 years or so is explained by factors that can't continue - major deficit spending/government debt, a technology boom, and a baby boom.
I'm not expecting the world to come to an end, and I do think investors will continue to be awarded for taking risk. But I don't think that reward will be as attractive as it has been and I think the risk-free return will be very low for a long time. That means younger people should read what they hear about US markets over the last 60 years and question whether the trend will continue and, if it doesn't, what they should invest in to ensure they have enough money for their future.