that is not what the investment greats say about cycles eg Peter Lynch says "with most stocks a low PE ratio is regarded as a good thing, but not with cyclicals. When the PE ratios of cyclical companies are very low, it's usually a sign that they are at the end of their prosperous interlude."
("Beating the street"p223)
So the time to buy cyclical commodity type businesses is when they look expensive and are on high PEs ie when earnings are low.
Not when earning are high and the stock looks cheap or on a low PE
Good News & Bad News, page-44650
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