Any citations or rationale for this? Real Estate will have to deal with exorbitant valuations and actual interest rates for the first time in a decade. Agriculture makes sense (people need to eat just as much now as ever and there are some global supply issues which will help producers in certain countries). Industrial (this is too big to call a sector). Automotive will have a tough time as consumer spending drops and loans start to actually cost money. Semiconductor is a crap shoot (a lot of uncertainty). Aerospace is looking grim, but government support is typically forthcoming. Energy. The forecast is bright for energy right now, but we are currently in a moment of high inflation, low unemployment and a war involving a large petroleum exporter. If unemployment rises, then energy becomes less promising. Times are good now but not always.

On a historical note, I would add: Biotech: Development times are long. Products will come online that were developed during the peak. Also startups become more affordable when competing industries flag. Entertainment: the movie business has historically weathered most recessions pretty well. They can release things that were already made during the fatter years. Education: Historically this has done well during recessions (people who lose their jobs go back to school). Unclear if this will be as likely at this stage since the prices are not exactly favorable.