The year 2021 was all about supply shortages—from semiconductor chips to construction materials and everything in between. As supply chain logjams ease in 2022, some goods will get back to a normal balance. Others may swing to an oversupply. Sectors and industries that benefit from economic activity in which supply rises to meet demand may continue to reward investors in the near term. The business cycles for some companies may be at or near peak, however, so investors must watch for potential signs of a downturn.