I recently read that a good (ie tried and true) indicator of good value for this sector is price to (free) cash flow ratio.
Now that I have time on my hand ( I am officially retired and many thanks to my long time girl friend Amy , I can afford to be ) I am going to do real DD on the industrial cyclical sector.
Going back to the Tail Wind subject , may be there can be a difference in safe brand names in drug because when people are sick whether in good or bad economic times, they will need to buy drugs & I would agree with you wholeheartedly that if I lived in China or India, I would gladly pay a premium to get the real medicine I need.
However the capital sector is a different matter.
Yesterday I saw a Bloomberg TV interview with Chanos and he says he is shorting China thru Japan which makes perfect sense given the realities on the ground.
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