if you think the global economy is going to slow down for the next 2 years and that companies will face diminishing growth rates and and profits, what would you mostly do:
In the case of a downturn you would want to overweight non-cyclical industries. Cyclical industries are more responsive to changes in the business cycle and have volatile earnings. Cyclical industries are typically made up of goods whose purchases can be deferred (ie materials). Consumer goods and telecomm are examples of stable or non-cyclical industries which you would want to overweight.