Regular readers might already know the S&P/ASX 200 Index (ASX: XJO) hit a 12-month low on Monday.
Persistent inflation, soaring bond yields, plus wars in Europe and the Middle East are all conspiring to strike fear into markets.
So during such anxious times, which stocks are the most reliable?
Wilsons equity strategist Rob Crookston knows where he would take shelter.
"Over the medium term, easing bond yields and the growing appeal of defensive earnings amidst a slowing economy should support strong relative performance for both infrastructure and 'infrastructure-like' companies," he said in a memo to clients.
And the great news is that these types of stocks are in a sweet buying spot.
"Infrastructure and infrastructure-like companies have lagged the broader ASX 300 since late June, amidst the ongoing headwind from rising bond yields," said Crookston.
"Despite the recent underperformance, the outlook for infrastructure remains positive, especially at this point in the economic cycle. There is currently an opportunity to invest in infrastructure stocks at attractive valuations."
Of course, you want to know which of these stocks Crookston's team is bullish on.
Here are the two top picks, both from the ASX 200:
Two monopoly businesses ripe for the taking
The APA Group (ASX: APA) share price is down more than 21% since the start of the year.
Not only has that presented a buying opportunity, but has brought the dividend yield close to 7%.
Crookston loves that the pipeline infrastructure owner operates as a monopoly.
"Pipeline demand is resilient through the cycle and APA's contract structure provides a high degree of earnings visibility.
"Contracts are long-dated, and ~87% are take-or-pay (users pay for access irrespective of their usage) or regulated (based on a predetermined return on capital) in nature, which has underpinned predictable and uninterrupted dividend growth for 20 years."
The Lottery Corporation Ltd (ASX: TLC) is not an infrastructure business in literal terms, but one that the Wilson team considers to be very similar.
"Lottery Corporation has many of the characteristics of traditional 'infrastructure', including a predictable demand profile, a degree of inflation protection through its ability to raise ticket prices, its low sustaining capex requirements and high free cash flow margins."
The share price has tumbled 15.5% since early August, to now offer a tempting valuation.
Like the APA Group, the company operates as a monopoly in every Australian state except for Western Australia.
Some investors might think gambling spend might dive during tough economic times, but this is apparently not the case with Lottery Corp.
"Lottery turnover has historically been highly resilient through past economic cycles, notwithstanding short-term fluctuations due to jackpot variability," said Crookston.
"The predictability of lottery turnover on a medium-term basis has helped TLC generate consistent 'infrastructure-like' earnings growth over time."
