I had a big bonus from my employer getting acquired, so I went and bought a house with cash rather than getting a mortgage and investing it. Sure, I might have lost out on potential returns in the long term, but if I invested it and the market immediately tanked I’d be out a bunch of money. With the house, no matter what happens to home values (or my employment), I’ve got a house.

(Honestly after seeing what the markets have been doing lately, I’m glad I did.)