I agree and think most of the specs on here could potentially halve if we saw a real crash. The only bear market/crash I have watched though is the GFC, so perhaps a bit more extreme than what we might see now? Regardless of the severity, if there is a bear market, then there isn't going to be much interest in spec stocks for a while, as there is too much value to be found among the blue chips and mid caps. Interest equating to liquidity, if there's no interest in speccies, then there's no liquidity to either exit losing positions (at a fair price) or to get them moving.... the spec market becomes somewhat dead for a time and you might be waiting a long while for something to happen. In any event, gold producers are a safe play on the way down and everything is a winner after the bottom is in on a real crash (certain sectors will enter more sustained trends after the initial recovery from the crash).