Whether or not investors thrive in the current market may partly depend on how they deal with the stocks most leveraged to an economy that may be headed into a recession, according to Trivariate Research. "Perhaps the mantra of selling when they are cheap and buying when they are expensive will change going forward," the firm said in a note Thursday, "particularly for those cyclicals where excess profits could vastly improve income statements and balance sheets for sustained periods of time." The performance of cyclical stocks tends to ebb and flow as the economy expands and contracts. Trivariate said that in the three most severe prior troughs, earnings for cyclical industries fell between one third and one half, but was followed by strong growth. The firm highlighted several stocks whose earnings could fall by 33% and still be cheap and offer investors "relatively attractive risk-reward." Here are five of the stocks: Source: Trivariate Research Each name on the list falls into the oil and gas, semiconductors, metals, building products or household durables industry. These are the sectors with the lowest risk of an earnings hit this year, the firm said. One energy name on the list is Occidental Petroleum , which spiked earlier this year after Warren Buffett disclosed he has bought more than 100 million shares in the company. Occidental is up 118.2% so far this year despite the fact that stocks have slid all year and briefly entered into a bear market Friday. Energy has been the best performing sector in 2022. Marathon Oil also made the list. The Houston-based explorer's shares have climbed 66% this year. Applied Materials is the largest stock named, by market cap. Its shares are down about 32% year-to-date. Trivariate also included Lennar Corp. and Freeport McMoRan . They're down 35.9% and 13%, respectively, so far in 2022.