The market appears ready to take on a more defensive character as we experience a meaningful deceleration in earnings and economic growth. Inventory builds are unlikely to offset if order books prove to be inflated as we suspect. Upgrading Staples and adding MDLZ to Fresh Money Buy List. Quality with a More Defensive Twist. Our mid-cycle transition narrative has been…
![](https://www.finomgroup.com/wp-content/uploads/2021/07/Screen-Shot-2021-07-20-at-4.34.34-AM.png)