Structural x cyclical = hysterical market

Ahead of tomorrow’s six-monthly financials from Johnston Press, here’s an intriguing quote captured by the Independent‘s Sarah Arnott from Steve Liechti at Investec:

“There are three factors all happening at once: the structural, the cyclical, and the structural multiplied by the cyclical.”

Er, the structural multiplied by the cyclical? Is that what happens when Carolyn McCall and Sly Bailey lock horns? We think we should be told.

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