For two years, the market has been slugging it out with some heavyweights: the ''jabs'' of inflation, the ''hooks'' of rate-hikes, and a few bond-market ''uppercuts'' along the way. Our Loan Ranger series is here to help you duck and weave, using a differentiated lens to make sense of a differentiated cycle. Today, as some of these heavyweights seemingly run out of puff, we re-check the vital signs of consumers and corporates to provide you with an investing playbook as the cycle turns. That Rocky ultimately wins the fight in the US is increasingly well understood. But much remains misunderstood and mispriced. We recommend ''heavy weights'' in Europe: cyclicals, SMIDs and banks.