Has the time arrived to be different from the mob and stand aside, to ignore my fund manager's advice? (Early March 2001).
Different to the mob: The "mob" tends to be right for most of the bull market and most of the bear market. However, it tends to be wrong at turning points. In fact, psychologically, a turning point can only occur when most of them are "wrong".
Stand aside: Depends on your trading/investing plan. There is no single right answer. If your plan calls for you to be fully invested, bias your portfolio to defensive positions when market risk is high. If you have asset allocation bands, go underweight and in defensive positions when market risk is high.
Ignore advice: A fund manager is the wrong person to advise you. He is selling a product. He is not your agent. You need a financial adviser who does not sell products or take commissions. He charges a fee and continues in business for as long as he does a good job for you. Find one and pay him, or do your own analysis. I used "he" a lot for convenience. The best "he" may, of course, be a "she".