Good morning, it's Paul here. I'm feeling a bit under the weather, so am not sure how much I'll be able to cover today.

Hi all,

It's Jack here - as you've heard, Paul is feeling unwell so I'll fill in for now.

I've been thinking about the Leisure and Travel industry and have some general thoughts on these areas. I haven't had a proper look for companies today so throw suggestions my way. The only one that's caught my eye so far is Best Of The Best (LON:BOTB) but I'll have a proper look in a second as I'm sure there's a lot more.

I’m not about to mince words: it’s been a brutal stock market drawdown so far and most investors are feeling a lot of pain. We’re all in the same boat.

In good times, we say as stock market investors that we can handle volatility and capital losses. In the bad times, we find out if this is true.

There is likely more bad news to come, but I also think we can weather this storm and when the dust settles (to mix some metaphors), we will likely be looking at some once in a lifetime buying opportunities. I can see enough tweets and comments to know that people are hurting. Investing is a lonely pursuit and during these kinds of market conditions we must talk to each other and keep morale up for those who need a boost.

Getting back to stock picking though, I feel that now more than ever it is important to be identifying opportunities and drawing up watchlists.

We will work through these events, although operators in certain industries face an existential threat. This has been well documented. The bets are off for virtually all airlines. While the industry will survive, it is hard to know who the winners will be now, if any. Operating costs are brutally high and grounded fleets are not generating revenues. These companies will not be able to hold their breath for very long at all - without substantial government help we will see a lot of them fall in weeks. The implications for shareholders are unclear.

Question: how fast do you need to be to outrun a bear?

Answer: faster than the person next to you…

Ordinarily in a market shakeout, the best in class survive…

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