Customers A, B, C and D have their portfolio assets allocated as follows: A B C D
Money Markets 15% 5% 5% 0%
Treasury Bonds 40% 10% 20% 20%
Speculative Bonds 10% 30% 10% 30%
Blue Chip Equities 15% 15% 20% 10%
Small Cap. Equities 10% 10% 30% 5%
Emerging Markets 10% 20% 10% 30%
REITs 0% 10% 5% 5%
Which customer's portfolio is MOST susceptible to a cyclical economic downturn?
A. Customer A
B. Customer B
C. Customer C
D. Customer D