Sub-industries (L-4) To Avoid or Short — Beware Cyclicality

Intro

For the last several months, we have been discussing our expectations for economic slowdown fears to become more widespread and that a negative estimate revisions cycle had a near 100% chance of occurring.  Additionally, we have commented that our work has been suggesting that all things cyclical — Industrial Cyclicals, Commodity Cyclicals, Consumer Cyclicals, and Tech Cyclicals — would be hit the hardest and likely be underperformers as the S&P 500 ultimately falls into o...

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