Investors should bet on risky stocks as the market enters early-cycle phase of expansion

• Investors should buy risky stocks as the market shows signs of entering the early cycle of an expansion, said Bank of America.
• The bank double-upgraded consumer discretionary stocks and downgraded consumer staples stocks.
• Here's why Bank of America thinks investors should be focusing on riskier cyclical stocks.

Investors should be playing more offense than defense right now as the stock market looks to enter the early cycle of an expansion, according to Bank of America.