In fact I would go so far as to say that two things matter in investing
(1) The balance sheet
(2) Cash flow.
The rest are subject to accounting creativity.
In the last GFC the SP of companies with high debt were massacred. But TCL and such like basically kept their cashflow, and that is all that matters. TCL has long visibilituy with regard to cash flow.
The one thing that greatly upsets the TCL SP is interest rates. The higher they are the more discounting of cashflows. But then TCL can raise their tolls to compensate
TCL Price at posting:
$9.19 Sentiment: Hold Disclosure: Held
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