Does Man Make the Money or Does Money Make the Man? Some People Thought Television Was a Flash in the Pan

Cyclicality Can Still Make You Money

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.