Personally, I have no idea whether the economy is headed for a double-dip downturn, as some now predict. And frankly, no one else does either.

Call me a coward, but why even have this debate when there are plenty of stocks you can invest in that will grow and generate tons of cash whether the economy slips into reverse or finds another gear?And thanks to all this double-dip talk lately, many of these shares are now on sale. Here are several all-weather stocks that my fellow Morningstar analysts and I like:Defensive plays
In tough times, investors often rush to health care companies because they don’t require a booming economy to generate healthy earnings.

But this group of stocks has fallen on some hard times, what with the dearth of blockbuster new drugs and uncertainties surrounding reform. Ironically, this makes health care an even more intriguing play.

Within this sector, I like Covidien (COV). The company, which makes medical devices, pharmaceuticals, and other health care products, used to be part of Tyco International. Since being spun off, the firm has ramped up its research-and-development budget, focusing on devices to aid minimally invasive procedures, which are expected to replace many traditional (and more expensive) surgeries. Still, the shares trade at a 40% discount to what Morningstar analysts think they are worth.