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Cyclicals are usualy the best buys, since people become convinced they will not make it to the next cycle and sell. If you bought airlines, basic materials producers, energy, boring manufacturers, etc., you would have made a mint in the last recession, especially if you bought teh ones that were leveraged enough to scare people but not enough to actually go bust. A more conservative play was t o buy the heavily scuffed up bonds of these companies, but you still made fat returns if you bought at the right price.
Have to watch and see what gets killed and then act accordingly.
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"To be a man means that you are brave, loyal and true. When you are in the wrong, you own up and take your punishment. You don't take advantage of women. As a husband, you support and protect your wife and children. You are gracious in victory and a good sport in defeat. Your word is your bond. Your handshake is as good as your word... When the ship goes down, you put the women and children into the lifeboats and wave good-bye with a smile." C Murray
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