He argued that acquisitions tended to be pro-cyclical and relied on the strength of the equity market.

他认为，企业收购往往是顺周期性的、并且依赖于股市的强势。

youdao

In our opinion, the market falls suddenly the behind which rises suddenly, is the policy and the cyclical gambling strength is having an effect.

在我们看来，市场暴跌暴涨的背后，是政策和周期的博弈力量在起作用。

youdao

In keeping overall profitability high, it helps to have a balanced system, where seasonal or cyclical strength in one area can compensate for weakness in another.

FORBES: Teaching an airline to fly