Hi Paul,

I think you have some good ideas, though you only mentioned resource exploration companies. Speculative stocks often get hit hard, and in a severe downturn, commodity prices are really hurt, which I think would trickle down to the explorers. Usually, defensive names like coca Cola, tobbacco co's, food producers do ok in tough times. I think having cash sitting on the sidelines to pick up beaten down companies with strong balance sheets is a good idea, though my own personal % is lower than I would like. If we don't have the severe downturn, I think the resource sector holds lots of promise.