There’s a difference between terminal and cyclical businesses.

Terminal businesses are like newspapers & cinemas.

The decline is permanent. There’s no stopping it.

Cyclical businesses are like airlines and hotels.

They will decline during the COVID-19 pandemic, but they’ll make a comeback once the crisis its finished.

There’s nothing fundamentally wrong with a cyclical business as long as it has enough cash in the bank to ride out the dip.

It doesn’t matter how much cash a terminal business has, stay away.