Basic Financial Management Principles

It's usually not a simple matter to switch money managers for a 401K plan, since it's administered by the employer. This changes if it's a 401K plan from a former employer.
Separately, you should know that most plans have done badly this year. A colleague of mine uses a manager from a major financial company and the stock portion of his portfolio is down more than the major indexes are. Yet, he still pays 1% of all assets under management to that financial manager.
One note: you should never have had so much money in one stock. That violates the most basic investing principles

Say this in a British accent "by george, I think they've got it!"
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As a result of these lessons and others that will emerge from this financial crisis, we should consider important principles for our industry, for policymakers and for regulators. For the industry, we cannot let our ability to innovate exceed our capacity to manage. Given the size and interconnected nature of markets, the growth in volumes, the global nature of trades and their cross-asset characteristics, managing operational risk will only become more important.