So here is my two cents.

1. If you don’t have the money to lose, don’t invest in volatile risky instruments.
2. If you need the money you are about to invest in the next 5 years invest it in low risk items.

3. Markets go through there cycles its reality, as you move through the business cycle your investment style should change as well. If the economy is red hot thats an indication that it is time to invest conservative. If the market has fallen out its a good time to shift back into a more balanced portfolio (say an index spyder or something).

4.Housing markets go through the same thing as is evident in 82, 92, and now 2008/2009.
5. “Bear” in mind that 80% or more of all “investors” and wallstreet monkeys are optimists. This clouds there judgement. Also note that often news briefs and articles tend to interview people whom have an invested interest in the public thinking the markets are good and that housing and stock prices will go up (i.e. bank of canada, ceo of RBC, gov’t, real estate agents, etc…).