The answer should be easy: Ecstatic. Many investors, academics, and market pundits confuse real risk (such as liquidity risk, bankruptcy risk, permanent capital impairment risk, etc.) with volatility. Unless you need to sell quickly (in which case you should not have owned stocks at all!), lower prices means nothing more than the opportunity to augment your holdings in some of your favorite companies at attractive earnings yields.
For a more in-depth discussion, read The 3 Types of Investment Risks and Risk Management: 6 Warning Signs That a Company May Be Headed for Trouble.
