[flash]

Depends upon how you define your emergency fund. Is it separate from savings and other investments, i.e., you have other assets, or is it your only asset? Do you mean liquid, or can be accessed with a penalty?

We keep enough for expenses in a savings/checking combo, an emergency fund rolled into a high yield short term investment, anywhere from two months to 9 months, depending on where we are in our investment cycle. Money can "rest" in a short term investment, while we determine long term strategies. Then we have separate serious investments, which we could liquidate if needed, and roll the money either back in or into other investments.