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Back to basics: a contrarian look at cyclicals in credit markets

The US bull run is the country's longest on record. But we are in the latter stage of the global macroeconomic cycle and warning lights are flashing. We remain focused on corporate fundamentals, asking which high-quality cyclicals could successfully weather a slowdown.

In this issue of Spectrum, we look at basic-materials companies that have strengthened their balance sheets since the last commodity-price crash. We identify several mining and cement firms whose finances we think could remain solid if the sector weakens. 

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