Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open.

How risky is it to keep my emergency fund in stocks?
From mid 2007 to early 2009 the DJI went down about 50 %. This market setback won't happen on a single day or even a few weeks.  Emergency funds should be in cash only. Markets could be closed for an unknown period of time.  Markets where closed September 11 until September 17 in 2001.