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Alex Fitch - Eliminating Ego and Finding Value

A.U.M.

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Mid-Cycle Earnings and Investment Strategy

This chapter examines mid-cycle earnings and their critical role in valuing cyclical businesses. It highlights the significance of understanding potential earnings distributions over time, the trade-offs in portfolio position sizing, and the structured decision-making process for selling investments. Additionally, it emphasizes evaluating management teams and aligning their motivations with shareholder interests to ensure accountability.

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