I did convert most of my stocks into bond ETFs after the last correction. Taking seriously the warnings of analysts about frighteningly high multipliers (all those fancy P/Xs). But when I checked what the multipliers were before & during the last housing prices, I realized I was played the fool by all those talking heads.

If a stock's fundamentals are good, and are expected to get even better, it'll probably still be a good buy, since there doesn't seem to be any reason for a recession in the near future (next 2-3 years). And Stocks can rise quite a lot in that time.
But I'm still going to keep about 30%-50% of my funds in low(ish) volatility assets, to convert them to stocks after a bear market persists.
One thing I hadn't looked into enough, is the claim that corporate debt is at dangerous levels, which supposedly can expedite a downturn if interest rate rise, or consumer\business spending decreases too much.