Market crashes are uncomfortable, but they are also one of the few times when high-quality businesses can go on sale.
While no one can predict when a sell-off will occur, it is worth knowing in advance which S&P/ASX 200 Index (ASX: XJO) shares you would be happy to buy if sentiment suddenly turned negative.
If markets crashed tomorrow, I would not be looking for turnaround stories or speculative rebounds. I would focus on quality companies with strong market positions and long-term relevance. These are three ASX shares I would be ready to buy in that scenario.
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Commonwealth Bank of Australia (ASX: CBA)
CBA would be high on my list in a market crash.
The bank has consistently delivered stronger returns on equity than its peers, supported by disciplined cost control, a high-quality loan book, and leading digital capabilities. That operational strength matters most when conditions become more challenging.
CBA shares often hold up better than other banks during periods of stress, which means any broad market sell-off that drags them lower can create an opportunity. While the bank typically trades at a premium, a market crash is one of the few situations where that premium can narrow meaningfully.
If markets fell sharply, I would be comfortable increasing exposure to CBA as a long-term core holding.
Cochlear Ltd (ASX: COH)
Cochlear is the kind of business I would like to buy at a discount.
The company operates in hearing implants, a market driven by medical need and ageing demographics rather than economic cycles. Demand does not disappear during tough times, and Cochlear's technology, brand, and clinical relationships create high barriers to entry.
Share price volatility does not change the underlying need for hearing solutions. If a market crash pushed Cochlear shares lower alongside unrelated sectors, I would see that as an opportunity to buy a high-quality healthcare business at a more attractive valuation.
Pro Medicus Ltd (ASX: PME)
Pro Medicus is an ASX 200 share I would definitely look to add during a sell-off.
The company provides enterprise medical imaging software that is deeply embedded in hospital workflows. Once installed, the platform becomes mission-critical, with long contracts and high switching costs.
Growth stocks like Pro Medicus can be hit hard during market crashes, even when the underlying business continues to perform well. That disconnect between share price and fundamentals can create compelling entry points.
If markets crashed tomorrow, I would be comfortable buying Pro Medicus shares with the intention of holding them for many years, rather than worrying about short-term volatility.
Foolish Takeaway
Market crashes are never pleasant, but they can reward preparation.
Commonwealth Bank, Cochlear, and Pro Medicus operate in very different areas, yet they share important traits. They have strong competitive positions, resilient demand, and management teams that have proven they can execute over time.
If markets fell sharply tomorrow, these are ASX 200 shares I would be confident loading up on and holding as conditions eventually normalise.
