Cyclical industry performance goes in line with the rest of the economy. Sometimes this performance is exaggerated. If tough economic times, the company with a cyclical business could do disproportionately bad versus the stock market. Usually, companies that rely on advertising see the biggest changes in financial results during adverse economic times. … "Cyclical Industry" is a difficult qualitative factor to overcome, so the investment will have to spend a lot of time trying to overcome this issue.