For example, recently we have seen what could be termed the 'second wave' of finance company issues.
Developments with companies like Dominion Finance, St Laurence and Dorcester Pacific have not been as disastrous as previous company collapses.
That's because the companies have acted before things got too problematic by asking lenders to accept new terms while they sort their problems out. The companies hope to recover funds from borrowers who can't repay their debts on time (mostly property developers) and use these proceeds to pay out to debenture holders.
If they can get over these hurdles, the companies could well go on to bigger and brighter things.
The other market involves investments that are focused on goods and services that people continue to use even when the economy slows down.
The companies that offer these securities or investments tend to have low debt levels and strong cash flows. This market is less vulnerable than the other and arguably is offering some very good investments relative to risk at present.
We all know the share market goes up and down but the news that the US market has officially entered 'bear' territory - ie 20% below its high point - is not a good sign.
In New Zealand, we have a tendency to track the US in many ways and our market is looking very soft at present.
I like the investment theory that you should 'never catch a falling knife'
and there are a lot of shares you should avoid right now because they are trending down.
However, the time will come when they don't go down any more and brave investors will have the chance to make some excellent profits.