Common Stocks and Common Sense: The Strategies, Analyses, Decisions, and Emotions of a Particularly Successful Value Investor

by Edgar Wachenheim

However, if the industry cycled downward, we might suffer through a period of declining earnings and declining PE ratios.

Double double in both ways.. if the industry is growing then the PE ratio and the earnings might go up.. when it’s in decline, the PE ratio and earnings can decline.. hence negative double double