Stocks are worthless if companies go bankrupt. Stocks get paid out last - if at all. Creditors first, then bonds, then stocks if there's anything left over. Zombie companies are on the rise, I'd be prepared for a bunch of large corporations to start going through bankruptcy sometime in the new year as retail sales will be shit for Christmas - meaning they won't be able to cover their debt obligations. People would switch from stocks to bonds even if it's negative because at least you'll get money from bankruptcy proceedings. Even in chapter 11 bankruptcy (as in not the one where they liquidate everything), stocks become worthless.