I have been in the stock market since 1980. TBH, I have always feared a crash like 1929 that started the Great Recession. That fear has kept me from being fully invested.
I have been through several bear markets and short term crashes, each time fearing it would become 1929 again: 1987, 2002, 2008, 2020 and recently 2022. With each decline/crash, I had great anxiety caused by losing significant invested funds.
Right now, I still think there is reason for caution, as shown by the Buffet Indicator, the Case-Shiller Index the AI bubble stocks. However, I'm not as anxious as much as before, due to investments in "safer" fixed income options, such as CDs, Treasuries, and Municipal bond funds. I expect these to help me ride out any significant crash or bear market, until it recovers. In addition, I have some cash set aside to put in the market if it falls. I haven't had this cash cushion in previous declines.
Of course, how I weather the next decline is theoretical since the strategy hasn't been tested in a downturn yet. As Yogi Berra said, "In theory, there is no difference between theory and practice. In practice, there is."
We shall see.
This is not financial nor investment advice. Please consult a professional advisor.
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