Cyclical Businesses
topic on 1 show · 2 statements across 2 episodes
2 statements about Cyclical Businesses, every show
Jain: Paying high multiples on peak margins for cyclicals causes massive losses
“If I go back to .com, the biggest lesson was some of the biggest losses that came in my book were the names that were cyclicals and we paid high multiples on peak margins. I remember Japanese names, which went from five percent operating margin to 25% margin, …”