The following video is part of our "Motley Fool Conversations" series, in which consumer-goods editors and analysts Austin Smith and Brendan Byrnes discuss topics around the investing world.

In today's edition, Austin and Brendan try to distill the biggest lessons they learned from our recent recession. Austin's biggest lesson is that you have to buy quality, even if the stocks aren't trading at the same discount as other companies in their space.

Austin Smith has no positions in the stocks mentioned above. Brendan Byrnes owns shares of Apple. The Motley Fool owns shares of Apple, Johnson & Johnson, and Microsoft. Motley Fool newsletter services recommend Apple, Johnson & Johnson, Microsoft, and Procter & Gamble. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.