There are more alpha producers during the economic expansion. The skill producers decline by about 20% in a recession. Unskilled or no skill managers increase to over 50% during a recession.
Recession will be associated with market declines and usually the market inflection point. Stock markets usually start to decline before recession and reverse near the end. Volatility will be higher during recession periods. Hence, it takes more skill to navigate these uncertain periods. As Warren Buffet has said, "You only find out who is swimming naked when the tide goes out."