Systemically strong companies with an unshakable moat. Incredible network effects, market-leading brand or visionary leadership.

Companies with structural advantages like a great brand moat or fantastic management team.

Companies with no major red flags and are a typical solid player in the market.

Companies with structural challenges such as a lot of debt or heavy revenue concentration.

Companies that might be at risk of bankruptcy, with structural challenges such as a lot of debt or heavy revenue concentration.

E.g., Late 2021, Dot-com bubble

E.g., Late 2020 - Mid 2021

E.g., Mid 2022 - early 2023

E.g., Great Recession, COVID onset