For me...
I am riding this one out on the sideline. I pretty much dumped all of my position last Thursday (I posted sales of DALRQ and BBA in the other thread). Well... I take that back. I still have NPSP, the stock I lost 60% over the last 8 months.
Whatever it is, it's too late for that one already. Oh yeah, I still have DVW that I bought last week. That one just sits there and not moving. No loss there.
All in all, around 20% in stock and 80% in cash.
As for mutual funds, they have taken a beating in the past couple days. I would like to think the hardest is already behind, so "hang on" would be my guess.
... but that's with a whole lot of emphasis on GUESS.