For the past few years, the question on most people’s minds has been, “Are we headed for a recession?”  But now that economic shock has gone global, the recession question has become, “How long will it last?”  (So far, we’ve managed to avoid the dreaded “D” word.)

It’s natural for most investors to just hunker down during a recession while others make a mad dash for the exit. But panic is not a strategy and being too pessimistic can cause you to miss opportunities. Yes, the economy is in dire straits, but if you know where to look you can still find opportunities. It always helps to have the hearty pluck of a speculator—history proves that fortune favors the bold—but that’s not necessary.  Just using a little common sense can go a long way.

There is ample advice available about tips on surviving a recession—and we don’t mean stocking up on rice and beans. We’re talking about finding viable opportunities on Wall Street amid the rubble and how you can benefit during an economic downturn.

We could all take a lesson from Warren Buffet and the way he managed to effortlessly snap up Goldman Sachs.  How did he do it? He had plenty of ready cash.  We’re can’t all be Warren Buffet, but if you’ve got money to spare and relatively low credit card debt, now might be the time to go bargain shopping.

There’s no consensus among the experts on where to shop, but all agree that you should never buy into the market if it’s going to put stress on your personal finances.  Some strategists recommend investing in cash-rich mutual funds that have solid track records of value investing. Richard Bernstein of Merrill Lynch recommends playing it safe in U.S. Treasury debt or developed-market stocks and to avoid emerging markets. But Mohamed El-Erian, co-CEO of bond investor Pimco, likes bank debt or any sector that's getting government support.  

And if you’re among those who have sold most of their stocks, Steve Leuthold, chief investment officer of Leuthold Group in Minneapolis recommends adding steadily to the stocks you still own because prices are so undervalued compared to the potential of long-run earnings.

Whether you’re a risk-taking speculator, a conservative investor, a business owner or simply a consumer, you might find some good tips in the current edition of Business Week in a section entitled Surviving the Storm.

“Money is better than poverty, if only for financial reasons.” --Woody Allen

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