In the old tactical playbook for a top-heavy, late-cycle market regime, one of the rules is “when growth gets risky, hide out in the consumer staples sector.” Well, the 20th century stock market called. And it wants its playbook back.
The theory is that no matter how ugly the macro environment gets, people still need to eat, drink, and buy household essentials. To execute this defensive strategy, investors often flock to the Invesco Food & Beverage ETF (PBJ).
