Sanditon's Rice: Why it is time to turn away from cyclical businesses

The current stockmarket cycle, which began in the depths of despair in March 2009, is now the third longest in history.

It has undoubtedly been led by the US, and in particular by the growth style. Amazon now trades on 250x 2017 earnings. Any investor around in 1999 will have some idea of what comes next.  Europe has only fitfully joined in this US-led bull market, hampered by weak domestic demand and the rolling crises resulting from a short-sighted German leadership, which has insisted that other European nations copy their fetish of running huge current account surpluses.  Finally, however, domestic demand conditions in Europe have picked up in 2017, a delayed response to the equally delayed quan...