Cyclicals are rarely the last to stand as leadership narrows before a bull market top. In fact, prior to $SPY peaks, a rotation OUT of cyclicals is usual. Now, despite depressed sentiment, the C/D ratio is near '99 highs, so investors aren’t positioning for a bear or recession. #Cyclicals #Defensive

Polysilicon is a commodity, but DQ wasn't a commodity investment at 4x EBITDA. The valuation created a margin of safety that transformed a cyclical commodity into a deep value opportunity. $DQ $SPY #ValueInvesting #Cyclicals #StockMarket

https://www.beatingthetide.com/p/investment-risk-and-reward