$Tesla (TSLA.US)$ Under the background of "double carbon", the energy storage industry seems to be quietly rising.
A few days ago, Tesla announced the first quarter of 2023 report. Compared to the downward spiral of the car business, Tesla's energy revenue is soaring: in the first quarter, the company's energy storage battery installations soared 360 percent year-on-year.
And not long ago,...

$Tesla (TSLA.US)$ Merrill Lynch's “investment clock” is a method that links “assets”, “industry rotation”, “bond yield curves”, and “the four stages of the economic cycle”. Simply put, it is to invest according to the cycle.
I believe everyone is familiar with the cycle. Howard Marx divided the business cycle into four stages in his book “The Cycle”:Economic boom, recession, depression, and recovery。
The cause of the business cycle is that investors invest excessively during economic booms, leading to oversupply and overcapacity in the market, leading to economic depression and recession. As markets rebalance and the economy recovers, the economy will enter the next boom period.
The theory is similar. On the other hand, looking at the Merrill Lynch clock, the economic cycle is also divided into four stages:Recovery, expansion, stagflation, recession。
Which assets will yield more at different stages of the economic cycle:
Recovery Period: Stocks > Bonds > Cash > Commodities
The recovery period is a phase where the economy is rising and inflation is declining. In this period, enterprises can often make better profits and increase financing through stocks, etc. Furthermore, stocks are often more sensitive to economic forms, so the yield of investing in stocks is best at this time. Interest rates are generally low during this period, and bond prices have an inverse relationship with market interest rates, so there is some room for bonds to rise.
The recovery period changes from a recession period, so during the recovery period, investors and consumers are often more careful in allocating commodities. Furthermore, tight monetary policies are not conducive to commodity prices...