问题如下图：
不太明白为什么high yield bond is sensitive to the recession risk
我没太理解，难道不是说这个人除了投资没有其他收益。需要通过投资满足日常的所有需求。这样不应该对投资要求的收益稳定性比较高吗？为什么还要选择周期性的？
NO.PZ2015121810000007 问题如下 A wealthy investor hno other sourof income beyonher investments anthincome is expecteto reliably meet all her nee. Her investment aisor recommen thshe tilt her portfolio to cyclicstocks anhigh-yielbon. Explain the aisor’s aiin terms of comparative aantage in bearing risk. This wealthy investor ha comparative aantage in bearing business cycle risk comparewith the average investor who pen on income from employment. Because the average investor is sensitive to the business cycle anin particulthe risk of recession, we woulexpethere to a risk premium to holrecession-sensitive securities. Cyclicstocks anhigh-yielbon are both very sensitive to the risk of recessions. Because the welfare of the wealthy investor is not affecterecessions, she ctilt her portfolio to inclu cyclicstocks anhigh yielbon to attempt to capture the associaterisk premiums. “A wealthy investor hno other sourof income beyonher investments”
NO.PZ2015121810000007 同上～
没有问题无法作答
没明白第一句描述。这个有钱人的收入依赖于投资收益，如果投高风险的，有损失岂不是就没有收入了么？顺周期股票和垃圾债都是与经济状况正相关，在经济下行时是高风险的啊？
