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Cyclicality Can Still Make You Money

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We don't have a problem with cyclicality. Wall Street still looks for certainty in areas that are uncertain. We feel good about lumpiness. We just try to be cash counters - if you can buy something at 5x free cash with a limited chance of permanent impairment, even if it earns only half of what we originally thought, that's okay.
Source: http://www.valueinvestorinsight.com/