I also sleep well at night with most of my assets in short term cash equivalents or guaranteed return funds paying between 2-3%. Some people are bothered by returns less than the inflation rate but I am far more bothered by steep losses.

I bought a little bit of the S&P when it was down 25%. That position is staying in the +-5% range for now. If it breaks significantly to the downside I will sell it.

My first trigger to buy in size will be the FED 'pivot.' When they lower the Fed funds rate both bonds and stocks will be bid. I will primarily buy bonds initially. It will take stocks longer to get back to a real bull market after the initial pop so I will average in.

Like mentioned above you don't need to perfectly nail the trend reversal and statistically you will not. Just ease out of high risk when valuations are high and ease back in after they bottom. I don't always win but I've survived this downturn as well as 2008 with losses limited to 10%. Don't be afraid to be in cash. Wall Street hates that because they don't make as much in fees or have retail suckers to sell to so they always advise against it.

Rule #1 Don't lose money