Value Investing in Recessions (Lessons from 2008)?

Just attended a business school seminar with a pretty experienced technical expert (no value background) and he was quite bearish (especially on tech, which I am underexposed). I was somewhat surprised considering his level of experience with the rhetoric he was using. It was very hard to see a silver lining. Now, as I said, this was a technical expert but I asked him what he would say to value investors who believe they already have a margin of safety packed into current investments. He replied "good luck." Since I am a younger investor, I am curious to the more experienced members of the group: what advice would you give to being a value investor during a recession? Any wisdom from 2008? Thanks! $Dow Jones Industrial Average (.DJI.US)$ $Nasdaq Composite Index (.IXIC.US)$ $SPDR S&P 500 ETF (SPY.US)$ $S&P 500 Index (.SPX.US)$ $Tesla (TSLA.US)$