The issue: he is more concerned than others about a cyclical downturn in chip demand.
Their cement business will also come under pressure because the sector is on a cyclical downturn.
However, developing Asia faces a challenge more fundamental than riding out another cyclical downturn in the West.
The government has engineered a cyclical downturn in the Chinese real estate market instead of a structural collapse.
Then the question becomes whether the rare earths mining business is approaching the end of its cyclical downturn.
Another reason, of course, is that we are facing the worst cyclical downturn.
The subsidised lending was done largely to firms of good standing that were hardly expected at the time to be caught by a cyclical downturn.
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For richer economies a cyclical downturn in migration may not hurt.
Airlines, many of which were already in trouble before Sept. 11 scared their customers away, also seem to be suffering more than your average cyclical downturn.
But what really worries BA, and other business-oriented airlines, is that the cyclical downturn may be coinciding with a structural decline in business travel because of advances in information technology.
"This is not a cyclical downturn in the IPO market, this is a structural problem that may never go away, " he says, citing that small-cap companies are floundering in the current IPO market.
He says, however, to watch for such carriers as Ryanair to wait for a cyclical downturn in the airliner market to purchase wide bodies on the cheap and open up trans-Atlantic routes--something he says might happen in about five years.
Others in the advertising industry fear that when the economy does eventually pick up, the old link between GDP and ad spending will prove to have been broken, because the cyclical downturn will have accelerated several structural trends that were already hurting conventional advertising.
Some commodity chip makers will reestablish profitability before that time (and companies with highly differentiated products are profitable today) but once prices stabilize in the middle of 2013 all players should see their earnings move into positive territory until the next cyclical downturn begins in 2015.
Although the heavy duty market is suffering from a cyclical downturn, with sales off 13.4 percent last year and continued weakness so far in 2012, all five companies have profited from the boom in heavy duty truck sales over the past five years and are financially strong.
Yet Hong Kong is in more than just a cyclical economic downturn.
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If potential growth is still around the same level as during the past several decades, then the current downturn is mainly cyclical.
Doorstep lending, or home credit as it is termed by the trade, is a counter-cyclical business: in a downturn, bad debts pile up, blackening credit histories.
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She notes that the group has historically underperformed the market for 1-3 quarters leading up to an economic downturn, due to cyclical exposure and concerns about weaker consumer spending.
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Even those that could perhaps afford to run a counter-cyclical policy to offset the effects of the downturn are squeezing public finances in part because they think that cutting deficits will help them reach the (presumed) safety of the euro zone.
The current downturn is emblematic of TV's cyclical nature, and the ailing genre is only a hit away from its return.
It's a counter-cyclical event that it occurs every time we have a downturn.
From 1929 to 1932 the main government in the firing line - America - operated a pro-cyclical policy of deflation: that is, making the downturn worse in the belief that it would "cleanse the system".
There are several reasons to think the cyclical model of defense demand might not hold up in the coming downturn.
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