Finding dividend opportunities as the profit cycle ages

A high-conviction, bottom-up approach to finding sustainable profit margins

Walsh_Meggan_sm_150dpi_RGB 0814As dividend value investors, my team is focused on sustainability of profit margins over a full profit cycle. I believe that we are in the later stages of the profit cycle, with corporate profit margins at about 1%1 below their peak levels in late 2014. What does that mean for us as high-conviction, bottom-up investors?