Non-Cyclical Stocks. Non-cyclical stocks, or defensive stocks, comprise businesses that operate in industries that do well during economic downturns. This is because these businesses have essential goods such as utilities. Luxury goods are nice to have, but consumers need utilities such as water, electricity and gas.
The

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经济下行时，非周期性公司的管理者会倾向于增持消费必需品。


英文水平一般的我，参考百度直译了一下，感觉有些不符合现实意义；

overweight 和 non-cyclical 这两个词，估计经济学学者会更加熟悉、理解。