lol no Adverising/media company is defensive by...

lol no Adverising/media company is defensive by definition.

That's the risk we have to take, is the share price low enough, that even if economic conditions deteriorate, and advertising/media earnings decrease, is the share price low enough??

That's the million dollar question, for which I don't have an answer. But since I own all the media companies, I think the market is being very careful in its valuation of the companies, ie the Mr Market is nervous. I like nervous because it results in more intelligent share pricing!!!!

I tend to exit on exuberant blue sky Mr Market pricing.