Kevin Duffy on finding ports in the storm

From an investment standpoint, sharpen your pencil and look at balance sheets. Avoid highly cyclical companies and anyone who has extended credit. Assume the bills are coming due and cash is king. As Buffett says, "when the tide goes out you find out who's been swimming naked."

There are plenty of sound companies with cash on the balance sheet selling at reasonable prices.

Also, own some gold.  Never a bad idea when a storm hits.

Finally, don't loan a penny to the U.S. government.  Bailouts, bust and boomers are coming... which means that $23 trillion in debt will explode.  The U.S. is now a banana republic credit... currently able to borrow at less than 1%.  That won't last.  Sell T-bonds.

~ Kevin Duffy, Facebook post, March 16, 2020