2008 and 2020 crashes

 Not every asset class falls during a market crash

Not everything falls in a crash.

Some assets fall hard. Some fall less. Some hold their value. Some rise. The pattern depends on the type of crash: credit crisis, recession, inflation shock, liquidity shock or sudden economic shutdown.

But history also repeats certain lessons. Leverage, speculation, weak balance sheets, cyclicality and poor liquidity are usually punished. Cash, quality, safety and policy-sensitive assets often hold up better.

The point is not to predict the next crash perfectly. The point is to understand what tends to break when markets are stressed.

Crash history is not a forecast. It is a checklist for fragility.