Counter-Cyclical Capital
Invest heavily during busts (when assets are cheap) and restrain investment during booms (when assets are expensive) - the opposite of most competitors.
The company that grows slowest during booms often survives longest across cycles.
Business application of biological bet-hedging principles, where organisms invest resources counter to current environmental conditions to prepare for inevitable reversals.
Business Application of Counter-Cyclical Capital
Invest heavily during busts (when assets are cheap) and restrain investment during booms (when assets are expensive) - the opposite of most competitors. Rio Tinto accelerated Pilbara construction during 2008 crisis, building mines for $500M that would cost $800M during booms. When demand recovered, they had capacity competitors couldn't match.