Each economic cycle is divided into four stages:

Boom, recession, depression, recovery.

The corresponding optimal asset allocations are

commodities, cash, bonds, stocks

We have rapidly experienced an economic cycle. First, the U.S. stock market continued to hit new highs for 10 years, then the Russian-Ukrainian war oil hit a 14-year high, the U.S. dollar index hit a 20-year high, and U.S. Treasury bond yields hit a 14-year high. It all follows the economic cycle.