Saldanha argues equity markets are shifting from a 'de-grossing' phase to a 'de-risking' phase due to the prolonged conflict. In a de-risking phase, the playbook favors traditionally defensive sectors. Consumer staples (a subset of Consumer Non-Durables) are cited as sectors that become more defensive and resilient when investors broadly reduce risk (beta), unlike in the earlier phase where they underperformed. If the conflict persists for months, driving growth concerns and sustained de-risking, staples should outperform more cyclical sectors like consumer discretionary and industrials. The conflict resolves quickly, returning markets to a 'de-grossing' or reflationary phase where cyclicals and growth sectors lead.