Michael Murray: Inspecting the performance of Irish company shares during the last recession is a worthwhile exercise

Michael Murray: Inspecting the performance of Irish company shares during the last recession is a worthwhile exercise View Gallery

The market obviously discriminates between resilient well-capitalised staple-type companies and vulnerable highly geared cyclical ones

All recessions are different – their causes, their impacts on different sectors, their impact on different companies in the same sector, the pace and shape of recovery, and the peaks and troughs to which they rise and fall.

Politics, innovation, cost structures, capital structures, technological advances, regulatory overhauls, scale, resilience and culture, risk management, unionisation and labour market flexibility, cash-generating capacity, capital discipline, brand equity, cost-base flexibility can all be thrown into the mix as factors...

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