If a company is well-positioned for the long-term, and financially sound, cyclical industry pressure is desirable. Industry exits = increased market share = higher earnings As a result, I have spent very little time worrying about Covid-19 from an investment perspective.
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Replying to @Tinyvalue
Are you looking at particular cyclical industries and if so which ones? Or more just in the context of overall supply/competition leaving
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Replying to @brendan_snow
More in the context of supply/industry exits, but I will look at any industry in cyclical distress (restaurants and refiners in March). Mostly I was well-prepared prior. Businesses I really wanted me to own left me in a lot of cash. I waited for them, and still am for others
2:46 PM - 8 May 2020
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