Question 3 (1 point) An investor expects the economy will enter into a recession soon and would like to shift their equity portfolio to protect against excessive losses. The investor is looking at top quality companies in industries that have relatively stable ROE generate consistent earning over most market cycles, and maintain dividends even in bad times. The investor will most likely make the following change: Shift form cyclical industries into defensive industries Shift from speculative industries into cyclical industries Shift from cyclical industries into speculative industries Shift from defensive industries Into cyclical industries