Late cycle investing - a tough business!
With the recent reflection on the financial market events of 10 years ago many commentators have been looking for lessons and comparisons. The one obvious lesson is that late cycle investing is tough to get right especially as nobody knows when a correction will happen only that it will happen!
Other basic lessons include not needing liquidity when there is virtually none, not overloading with inappropriate debt and that reliable and maintainable cash flow is always king!
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