Markets - both private and public - are getting choppy, what should you be doing with your portfolio now, assuming you're a long term investor?

1. Don't panic. You can't control or predict macro trends. They happen in cycles
2. Don't materially change your asset allocation. If you believe you're overexposed to equity and want to keep some dry powder in cash then move around 10-20% at most
3. Trying to move big chunks of your portfolio between equities and debt/cash is sure-fire way to sell the low and buy the high on the way back up. We are all human and timing the market is nearly impossible
4. Don't try to catch falling knives in single stocks. There will be pockets of the market that are down 40/50/60%. Doesn't mean things can't move lower
5. Corollary: in times like these stick to quality businesses or quality funds
6. If you own single stocks that you only understand at a surface level, now might be a good time to change those equity allocations to a simple index fund instead. If you don't understand what's going on in a company it's difficult to make sound decisions about its stock during sharp moves (which are bound to happen right now)
7. Stick to liquid, high quality assets across the board - now is not the time to be picking up a 24% IRR lease financing asset or a high yield debt fund. If the return looks too good to be true, it probably is
8. If you have made investments for short term needs or goals (<2-3 years), probably makes sense to move them to a liquid fund or some higher yielding savings instrument like an FD at a well known bank

Everyone's situation is different, as is their risk appetite. These are just my broad thoughts for the average passive investor. NFA.