Companies with lots of cash and leadership positions in their sectors will likely emerge from the recession stronger than their competitors and see their shares rebound faster, though they will probably not be spared in the near term. That's because they can use the money to purchase vulnerable companies with attractive products or services.
What little hope I had was crushed by the WSJ this morning. Under the non-alarmist headline, "Tech Shares May Fall Further," the Journal lists every single reason the tech industry is screwed. If you can make it through the first fourteen stomach-churning paragraphs, there's this one ray of semi-hope: