the real fundamentals - III

there are three crucial questions:

1. is the business (say aviation or sugar or liquor or fmcg etc etc) good or bad?

2. is the management running the business good or bad or mediocre?

3. are the times good or bad?

if times are bad, no problemat all. rather, it is mouth watering.

if management is bad, it is a big problem,

but if business is wrong...........???