As seen during the past couple weeks, stock market corrections can be brutal. Even the world’s top investors have suffered losses, such as Maverick Capital’s Lee Ainslie and Pershing Square’s Bill Ackman. Actually, one of the worst performers was John Paulson, whose flagship fund is down about 31% for the year. Ouch!

Despite all this, some funds actually have been able to post gains. True, some are focused on bear strategies, like Universa Investments and 36 South Capital Advisors. But others pursue opportunistic strategies — that is, they try to make money in any environment. Examples include Ray Dalio’s Bridgewater Associates and Bruce Kovner’s Caxton Associates.

So, what did they do that made the difference? What can we learn?

Here are some takeaways:

Hedging

Short selling proved to be crucial. This involves making money when a stock drops. While it can be a risky strategy, it actually can provide overall safety in a diversified portfolio.

Keep in mind that, during a market plunge, stock picking does not matter. Just about everything falls. Thus, having some positions on the short side can be a great way to provide a good hedge.

Commodities

Not long ago, this category was considered a fringe area. Then again, there was a terrible bear market from 1980 to 2000.

However, with the emergence of economies like India, Brazil and China, there has been a huge demand for commodities. And this is likely to continue for the long haul.

At the same time, gold has proven to be a resilient investment. During times of uncertainty, it remains a go-to safe haven.

Don’t Be Greedy

The temptation is to hold onto a trade to maximize returns. Well, top investors realize that you never will find the top or the bottom. So, if you have a position that has spiked — such as gold — then it is a smart idea to sell into the strength.

As the old saying goes: You don’t go broke taking profits.

Tom Taulli is the author of various books, including “All About Commodities” and “All About Short Selling.” You can find him at Twitter account @ttaulli. He does not own a position in any of the stocks named here.