It’s amazing to me, but I’ve had this same conversation several times with customers of ours in the past few months.
(the client) “well, we could really use another 100 moving lights but I list 40% of my money in the stock market so I am holding off to see what happens”.
The problem I have with this is the client is telling me that he continues to pour money into the market, when the one thing he knows best, his own rental business, would be a better investment. Not only would he be losing less money (uh, like none!) but his company would increase revenues or at very least, profits, by owning the inventory. Then, he can come right back to me in a year when all of this economic crisis stuff has long been forgotten, and likely resell the gear for very close to what he paid for it, if not more!
I’ve always tried very hard to stick to what I know. I didn’t buy Internet stocks in the late 90s because it seemed to I good to be true (and was). I didn’t buy pre-construction houses when friends were a few years ago (friends who are now either bailing out on these houses or carrying them at a loss) because I didn’t believe in the falsely über-inflated prices.
So now, I believe in the same things. Do what you do, do it well, and you will be fine. As long as you didn’t make crazy moves during the boom you’ll likely be okay during these times.
And for gods sake, keep buying gear!