Yes capital preservation is imperative. Feel need to keep some safely locked away as a nest egg. Also companies like HIG and IGO with large war chests of cash sometimes larger than their equity value on the ASX seem relatively safe bets.
But I have shifted out of resource stocks ((except for some goldies (DOM SLR) and free carried positions)) and have moved into property trusts (A-REITS) as some have net asset values 10 times higher than eqity value on the ASX plus have PEs of less than 1 ie BBI BBP BEC RNY GJT they seem to be bouncing off their bottoms. I have done ok out of them in the last month trading them still down around 30% from my highs but was down 45% before
Guess they could also go to 0 but in theory its a better time to buy now than before as the market is in a forced liquidation phase wehre PEs are not determining values
