During the course of a typical economic cycle, an investment manager made the following strategic switches:

Switch A - Defensive equities to interest-rate-sensitive equities

Switch B - Exchange-rate-sensitive equities to basic industry equities

Switch C - Cyclical consumer equities to commodities

Switch D - General Industrial equities to capital spending equities

Assuming these switches were theoretically sound, which of the following statements is true?

1. Switch A occurred at the peak of the bull market
2. Switch B occurred during the early part of the bear market
3. Sutch C occurred as inflion began to cause concern

D. Switch D occurred as the recession took hold