Ep 414. Normalizing Supply-Driven, Demand-Driven, and Bond-Like Earnings

The podcast discusses the concept of normalized earnings and the process of normalizing earnings and free cash flow for different businesses. It explores the analysis of cyclical businesses, including supply driven cyclicals and demand driven cyclicals. The hosts also discuss Warren Buffett's investment in Oxy and the determination of normalized earnings for companies in supply-driven, demand-driven industries. Different earnings patterns and investing styles are explored, with a focus on bond-like earnings patterns and Warren Buffett's approach. The considerations for analyzing normalized earnings in a cyclical business like GraphTech are also discussed.