Investors in funds that employ short term trading strategies will typically lose more of their returns to taxes than investors in funds that employ longer term, buy-and-hold strategies.
Risk-off investing strategies have definitely taken hold, but the possibility of easing, either from the Federal Reserve, the ECB, or both, has now risen exponentially.
Steve Denning looked at NPR crashing and burning and also described how unwise corporations generally are when they hold meetings to try to plan their strategies.