Commodity cycle
Market basicsThe long boom-and-bust pattern in commodity prices driven by capacity lagging demand.
In plain terms
High prices invite new supply, which arrives late and crushes prices. Then nobody invests, and it repeats.
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Glossary
Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.
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Cyclical business
Fundamental analysisA business whose profits rise and fall with an economic or commodity cycle rather than trending steadily.
In plain terms
Looks cheapest at the top and dearest at the bottom, because earnings swing far more than the price does.