A good interview of a self-taught professional investor (John Hempton of http://brontecapital.blogspot.com/. GO HERE: https://soundcloud.com/the-odd-lot/john-hempton-audio-interview
Certainly this investor is a tad eccentric, but he certainly has found a great method to find and manage short selling opportunities. A great listen. Also, seek out http://oddlotinvest.wordpress.com/about/ Wow, a treasure chest of obscurities.
Risks for equities, IN GENERAL, are high. Note that the equity and debt market combined for companies is at all-time highs. Be careful.