Recently, I was thinking about being defensive, but upon closer thought, the narrative seems contradictory 🛒. If there's a real soft landing, defensive stocks are highly likely to underperform. Moreover, if crude oil rebounds and the dollar remains strong, the margin pressure on Nike and P&G will look ugly. My current thinking is that within the defensive category, Walmart's discount retail attribute is the most solid. For other stocks, I will gradually reduce my position.