1. property trusts with debt and one's that rely on flipping properties to pay divis.
keep to trusts that have no debt and receive a steady income from rents 2. investment banks...they borrow too much to buy assets and they make money from flipping assets in a downtur, credit is tight, noone can buy assets, the assets lose value. 3. media stocks- advertising is one of the first costs to cut in a downturn 4. developers - hard to get money to buy big ticket items like shopping centres when credit is tight 5. resource companies that are about to go into production and commodity prices fall. hard to get credit when cashflow starts to look a bit ify. 6. retailers like WES that carry a lot of debt. 7. banks ... the ultimate leveraged exposure
in summary avoid anything which has used debt to purchase declining assets
