BUY BUY BUY

How I wish I had more funds to go longer everything and anything. Falling oil is sparking market panic with equities falling, credit spreads widening and government bonds rallying. It's quite possible that markets go significantly lower than they already are, but in the long run low oil means more cash in consumers pockets, and nonexistent inflation pressure - a perfect combo for central banks of rising consumption with no upward pressure on prices which will allow them to keep rates lower for longer. In the long run credit and equities (as long as you avoid obvious sectors such as Russian, Venezuelan and Indonesian credits)  are both good buys. There might be some short term mark to market pain, but if you can adopt the Buffett approach and put the certificates in a drawer and forget about them for a year or 2 you'll be a winner.