Like the old song by Three Dog Night, "What goes up must come down. Spinning wheels, got to go round...", the market giveth and taketh. Lately, it has been on the taketh!
When the tide goes out, ALL boats go out. The key is to avoid those companies that will likely sink and not just temporarily go out with the tide. Owning companies that have NO earnings or just losses have much higher probability of sinking. Those “dream liners” can become the Titanic quickly with a slightly different course of the economy. There is a reason why economics was historically known as the dismal science.
Owning high quality companies without heavy leverage while having steady earnings can be a strong boat in a storm. Staying on a hardy reliable boat long term and not jumping ship is a good plan. It will likely save you. On the other hand, staying in a small dingy while bailing water can be treacherous.
Be smart, be well-read, be aware and be successful.