I am 80% cash have been for 6 mo or so. I am now 85% cash, not because I moved out of equities (EQ) but because they lost a ton of value in the past few days.
Which leaves me thinking. Is it time to get back in EQ or out for good and just go fixed income? CD's in EU are yielding 600 bips. They can be unsecured (in my case they are) which adds a bit to the stress.
One approach is to create synthetic EQ exposure is based on current volatility levels (VIX). With VIX flirting with 80. You may want to SELL regular option (puts to get in, calls to get out) and leg into the market that way. You may want to BUY knock-out options and create synthetic exposure this way. The difference with regular and KO is reverse correlation with volatility.
Trade at your own risk, last time I did this, with VIX at 35, my personal portfolio of options, went to ZERO a couple of weeks ago when the VIX hit 60 (I was KO options only, my mistake). Not lost 5 or 10 or 30% but lost 100%. Think cash flow off the principal in safe muni or CD and invest that proceed to lever up, that is what a structured note is by the way, minus the fees all the piggies in the middle take. Do it on liquid securities like SPOOS and other indexes. Narrow down to boost risk profile.
Nothing is full-proof.