When these fun facts are added to the market's lofty valuation levels – many of which are either near or above historic highs – it is little wonder that so many financial advisors are nervous about the outlook for the stock market these days.

Sure, the economy appears to be picking up steam. Yes, earnings are strong. It is true that rates are low and inflation doesn't appear to be a threat. And no, the Fed isn't likely to go on the war path anytime soon. Thus, it is fairly easy to argue that the market's underlying fundamentals are pretty darn good.

Yet, investors and advisors alike remain nervous. The bottom line is nobody wants to get fooled again. No one ever wants to watch their 401k turn into a 201K the way they did during the crisis.

So, what have investors/advisors done to try and take less risk during this long bull run? From my seat, it appears they've plowed money into what have historically been lower risk plays such as high dividend paying companies and the so-called “low volatility” areas.