You can’t go to sleep holding cyclical stocks for a decade and expect to be richly rewarded. The rich rewards are in growth stocks and special situations.
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In cyclicals, a period of silly prices is followed by a period of sobriety.
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The best time to get involved with cyclicals is when the economy is at its weakest, earnings are at their lowest, and public sentiment is at its bleakest.
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My experience teaches me that by far the largest losses have been sustained by investors through buying securities of inferior quality under favorable general conditions.
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