Larry Mcdonald

I bought Freeport Mac Moran in March of 2020.

Our friend of the show, Larry McDonald, was banging the drum, and I bought it at like $7 or a little under $7 at the absolute peak of that multiple.

It was the same point.

Cyclicals and multiples be very careful,

right? Yeah, you kind of want to buy when the multiple is absurd and you don't want when the multiple looks cheap, basically, right?

Yeah, and I think the aid memoir is more effective on the flip side, i.e., you know, cyclical stocks always scream really cheap when you're close to highs.

Yeah, and I guess that's what I'm trying to say for the readers is like, multiples are not necessarily your friend with cyclicals like you just you think about a cycle normalize it versus the past peak like i would not like look at it on an inductive imperial basis like oh you know sk hynix is four times or microns four times like Those are not Walmart earnings, basically.

No.