Volatility in global financial markets triggered by the conflict in Ukraine has investors concerned about a potential U.S. recession in 2022. The SPDR S&P 500 ETF Trust (NYSE:SPY) is down more than 10% year-to-date, while WTI crude oil prices have risen to 13-year highs.

In volatile times like these, it's understandable for investors to be concerned about what will happen if the market actually crashes like it did in early 2022 or late 2008. While it may seem like fortunes are made during times of extended bull markets, it's often the case that a long-term investor's actions during the worst periods of the stock market are what set the foundation for future wealth.

Related Link: Why Bank Stocks Are Getting Crushed Since Ukraine Conflict Began

Investing In A Recession: Baron Rothschild, an 18th-century British nobleman and member of the Rothschild banking family, famously said "the time to buy is when there's blood in the streets."

Warren Buffett, billionaire investing legend and CEO of Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B), has his own famous version of the Rothschild quote.

"We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful," Buffett wrote in his 1986 Berkshire shareholder letter.

Contrarian Investing: Benjamin Graham, the father of value investing and early mentor of Buffett, once described how to successfully navigate market cycles by taking advantage of excessive pessimism.

“The intelligent investor is a realist who sells to optimists and buys from pessimists," Graham said.

Famous American businessman, investor, and philanthropist Shelby Cullom Davis said it's difficult to truly appreciate bear market opportunities in real time.

“You make most of your money in a bear market, you just don’t realize it at the time," Davis said.

Benzinga's Take: The one common trait that all successful bear market investors have is that they buy high-quality companies — not necessarily the stocks that drop the most — during the crash.

The S&P 500 has always eventually recovered from every recession, but the same cannot be said for many lower-quality companies that do not have the cash flow and balance sheet strength to survive and make it through to the next economic expansion cycle.