Reflecting on WorleyParsons

This acclaimed success story is a cyclical stock masquerading as a growth company. Gaurav Sodhi makes the case to engineer an exit.

Competitive, cyclical and largely homogenous, engineers sit snugly alongside steelmakers and airlines as lousy businesses. With low barriers to entry, competition is fierce. Grand investment plans are made when optimism reigns but when the mood changes, dollars vanish into thin air. Cyclical barely describes the reality. Such businesses are typically awful investments.


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