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Investing in the Second Lost Decade: A Survival Guide for Keeping Your Profits Up When the Market Is Down by Tom J. Kopas, Joe D. Turner, Martin J. Pring

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APPENDIX DA GUIDED TOUR OF ASSET ROTATION AROUND THE BUSINESS CYCLE

Chapter 8 described the six stages of the business cycle in broad terms. This appendix takes us a step deeper into what these individual phases of the cycle look like. From there we can discuss what kind of assets make the most sense at each stage.

A Roundup of the Six Individual Stages of the Business Cycle

Here is a more detailed look at the six stages of the business cycle beginning with stage 1.

Stage 1 (Only Bonds Are Bullish)

CASH

When we refer to cash, we are really talking about high-quality liquid assets, such as three-month commercial paper, three-month T-bills, and of course money market funds. Basically, we can think of any one of these assets as a good-quality debt ...

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