Mastering The Market Cycle

Module Units

1. Introduction
2. Why Study Cycles?
3. The Nature Of Cycles
4. The Economic Cycle
5. Government Involvement With The Economic Cycle
6. The Cycle In Profits
7. The Pendulum Of Investor Psychology
8. The Cycle In Attitudes Toward Risk
9. The Credit Cycle
10. The Distressed Debt Cycle
11. The Real Estate Cycle
12. Putting It All Together–The Market Cycle
13. How To Cope With Market Cycles
14. Cycle Positioning
15. Limits On Coping
16. The Cycle In Success
17. The Future Of Cycles
18. The Essence Of Cycles

The Cycle In Profits

The process that determines a company's profits is complex and multivariate. The economic cycle profoundly affects some companies' sales but less on others. Primarily because of differences in operating and financial leverage, a given percentage change in sales has a much more significant impact on profits for some companies than others.

The linkage between economic growth and profit growth is highly imperfect because the movements of the economic cycle aren't the only thing that influences sales and also because a change in sales doesn't necessarily result in an equivalent change in profits.

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Units 6/18

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