Market cycles rarely signal when they are about to turn. A sector that seems unstoppable today can quickly lose momentum, while businesses overlooked for years can suddenly return to favour. For investors, each new cycle brings a fresh test as earnings evolve, valuations reset and market leadership shifts.
Long-term investing, therefore, is less about predicting the next big theme and more about understanding what you own, whether the business can keep growing and whether you are paying the right price.
