not a bad day, page-6

"Not bad advice if I can own a right business but will be hard to find one if we enter into a recession"


Most businesses worth owning will operate through the business cycles, in good times and bad.
Some will have profit stability regardless, eg staples' manufacturers and retailers, utilities, energy etc, others are more cyclical eg banks, miners etc.
Businesses are valued on long-term average profitabilty.

The markets typically misguess both the timing and duration of the business cycle.
Not to worry, just be on the look-out for stocks which become underpriced relative to your long-term valuation.

Don't we all do this ?


.