I’m pretty sure the comments were more directed towards me, but...

I’m pretty sure the comments were more directed towards me, but I’m comfortable with my developing analytical methodology, within the constraints of my life.
I think it’s a very interesting exercise to look at a companies exposure to cycles.
Although sdi has volatile profits, their revenue has been growing fairly steadily - which hopefully indicates their cyclical exposure is relatively low. I think when a few of their headwinds abate (currency, South American uncertainty, amalgam decline becomes less relevant), or even become tailwinds, then we should see a return to normal margins, and profit hopefully will ratchet up.

With regards to REH and it’s cuclical exposure. They haven’t had a drop in revenue of more than 4% pcp since the turn of the millennium. So hopefully they too have low cyclical exposure (DuluxGroup is another good example of a company with low cyclical exposure despite the industry they operate in).