In all markets, and generally as a life strategy, there is a "winner" method and a "survivor" method.
If you play to win, you are most likely following accepted best practices to maximize gains - in your career, socially, economically, and so on. You optimize to "cut the fat" regularly, stay with the trends and try to be the front-runner in everything. In this market, playing only as a winner amounts to taking on huge amounts of risk, because there's high volatility and little accepted wisdom or trends to follow. Any move that uses leverage could be the one that makes you wash out - and in the same way, being gregariously social to keep up appearances during a pandemic may kill you.
The "survivor" method is what it sounds like: playing to not lose. They are not just aiming for low numeric risk factors, though; the point is to have second, third etc. lines of defenses against black swans. Survivors will tend to look for overlooked niches and early diversification. They amass unlikely hoards while keeping their heads down, which leaves them isolated a lot of the time.
In general the optimal position for every market is where winner strategies intersect with survivor strategies: Find something that is relatively stable that nobody is talking about and move your money closer to it. Then when the business cycle picks up your portfolio magically turns into something positioned to capitalize.
Of course, the essential problem is that if nobody is talking about it, how are you going to discover it? If you wait until it hits the news, that's probably too late.
But business formation or repurposing presents another option. Down cycles are opportunities to start the next trend yourself, because the air is clear and you don't have heavy competition. When a market is competitive, everyone spends on sales and marketing to be the loudest voice. When it's quiet, "build it and they will come" becomes a great deal more plausible and you can really focus on product.