When the stock market crashes who feels the immediate brunt of it? Is it best as a stockholder to simply ride the wave and assume it will eventually recover, because history tells us it will?
An important factor in investing is understanding what you own and what a market shock will do to your holdings. That would include devising investing parameters that you know will keep you from doing detrimental things to your portfolio and keep from panicking.
I have pretty much been a value investor as an adult. It kept me out of the stupidity of the tech binge/pre-revenue IPO's in the late 90's and subsequent implosion, made very good money in the market and sold most of the riskier holdings I had in May, 2008 and invested heavily back into the markets in Dec, 2008 through May/2009 and most of the rest of the money I have put in equities since then have been after significant declines. If you build up significant taxable holdings over the years it almost impossible to entirely sell everything when you have market/valuation concerns due to tax impact. You don't have to become a wizard to make money longer term - patience, rational thought, and capital/good income will serve you well.
Real estate is not recession proof, especially if those holding have to sell or find permanent financing while mortgage lending qualifications change drastically. One can make the points about property cash flow, etc, but many people become wealthy finding great value during times of great stress and illiquidity. That can be applied to the stock market, credit market, real estate, etc, it pays to have a plan and available capital to see it through.
Regardless, if the Fed hadn't taken huge steps the recent Great Recession would have been magnitudes worse, and no one knows how the next event will be handled/managed or bungled. Not a fan of ZIRP forever nor what it has done to/for some, but overall it was likely better than the next best alternative.