Wisdoms

When the wind blows even a turkey can fly

When the wind blows even a turkey can fly

  • Suggests that when an industry is popular and has a tailwind (or rising prices), even very poor companies can appear to be doing well.
  • Once the tides turn and the industry enters a bear market, most of these poor performing companies (turkeys) don't survive
  • This is very applicable to the natural resource space where rising prices can be a huge tailwind for all companies involved

Example - Junior Uranium Mining Companies