INVESTING IN CYCLICAL INDUSTRIES

What I've understand so far is that the approach recommended for successful search fund investors are to limit the searches to 'stable, unbreakable' businesses that have been had a steady state of performance. Just wanted to know if there are searchers who have pushed that boundary to explore cyclical industries (e.g., Oil & Gas services as compared to Telecom services). And if so, would be willing to discuss the pros and cons ?



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