Dan Ferris on market extremes

I just have this view that you should be a bottom up investor most of the time...  But there are times when the top down gets so extreme.  I think at the extremes one needs to respect cycles and cycles do occur, right?  And cycles are brutal, aren't they?  Cycles don't care about how wonderful your business is, do they?  Dan spends all this time looking at free cash flow, balance sheets and moats...  Cycles don't care about any of that when they really get cooking at the extremes.

~ Dan Ferris, Brett Eversole interview, Stansberry Investor Hour, August 22, 2022