Not exact matches
If you are a committed, disciplined buy - and - hold investor with no sensitivity to
cyclical market fluctuations (even those as large as the 50 % losses of 2000 - 2002 and 2007 - 2009), and you fully recognize the depth of
cyclical risks that regularly accompanies that strategy, I don't encourage a deviation from that discipline
based on my analysis of market risk.
I continue to maintain that the mining industry has reached a
cyclical bottom (
based on metals prices), but that doesn't mean returns will increase without cost controls in place.
Based on previous
cyclical experience, it would be surprising if interest rates
did not have to increase further at some stage of the current expansion.
Although our approach is passive we
do tilt portfolios
on a
cyclical basis as relative risks evolve.
So while we don't believe that the record high gold / XAU ratio can be taken entirely at face value, there's no question that it is elevated even
on a
cyclical basis (that is, even allowing for a gradual structural increase over time), and there's no question in the data that cyclically elevated gold / XAU ratios have been associated with strong subsequent gains in the XAU index over a 3 - 4 year period
on average, though certainly not without risk or volatility.
These experiences include watching time pass, as in Andy Warhol's Empire; marking, suspending, condensing, or elongating its flow, exemplified here by the work of Martin Creed or Jeff Koons; subjecting the creative process to time, as William Anastasi, Janine Antoni, and Robert Morris
do; developing narratives
based on cyclical, organic, or illogical models of time, as may be seen in the video work of Bill Viola and Pipilotti Rist; addressing history through the memory of oppressions, displacements, and alienation, as Carrie Mae Weems and Jane and Louise Wilson
do; and considering how the past inflects the present, an experience suggested by the work of Shirazeh Houshiary and Gerhard Richter.
Sujoy Ghosh, country head, India, for US -
based thin - film PV manufacturer and project developer First Solar, says that when
doing the financial modelling for bidding in projects, one has to take a call over 25 years
on the cost of capital, which is «
cyclical in nature».