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.
"Neither my companion or I carry firearms on our persons. We depend on the goodwill of our fellow man and the forbearance of reptiles."
- English Bob