That said, it is tough when noncyclical companies are relatively expensive to
cyclicals in a weak economy.
Not exact matches
In other words, when developed markets enjoy a
cyclical bout of reflationary growth, they have historically had a bigger growth impact on China and EM
economies than when developed market
economies are
weak.
Contribution to ROE for Consumer
Cyclicals were damaged by bad results
in the Automobile industry and slumping demand as the
economy went into a recession
in 2008, and had a rather
weak recovery
in 2009 - 2010.