Jon Quast

I mean, in a real downturn, and look, we're not there yet, but if it comes in a real downturn, there is nowhere to hide, period.

I wish there was some secret code.

There are some sectors that tend to hold up better than others.

But in a downturn, everything goes down and the pain is almost unavoidable.

Most important advice here is don't make long-term decisions based on near-term pain.

Fleeing the markets when things are bad can be really, really harmful to your long-term goals.

If an individual business is permanently damaged from this, and it could happen in some sectors, then yes, maybe you need to look at selling.

But focus on the long-term, no matter how bad things get.

I believe the economy will eventually recover.

I believe that this 200-year-old chart of the markets going up, that long-term trend will continue.

Ask yourself if the companies you're considering selling will be there on the other side.

If they are, try to ride out the storm.

In terms of specifically where to go, I'll note, Travis, I almost made it my radar stock because six-month Treasury, there's 10 basis points higher than a week ago.

That's

That's something I guess, but that's cash.

I think I'll just be contrarian to John.

If you buy the premise that everything goes down, and if you believe that the economy will eventually recover, and I do believe that there are really great companies out there that can survive, I actually like to look for opportunities in the non-consumer staple area.

I don't know if it's high-flying Mag7 stocks that come back to Earth, but

it's really hard to do.

And, you know, I mean, I, again, I think doing nothing is good enough, but I am much more intrigued in a real, real downturn, a, you know, God forbid, a repeat of 2008, 2009.