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 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