Kaumil:  “It’s a Cycle. It’s Absolutely a Cycle” 

Dear Client: We got Jefferies' Kaumil Gajrawala into the new studio last week as our first guest in the room, (not fully wired yet, but we made it work). We started with the question everybody keeps asking right to him: is this an ugly cycle, or a secular funeral? There wasn't much hedge in the answer. "IT'S A CYCLE" — AND WE'RE PROBABLY PAST THE WORST OF IT.  "It's a cycle. It's absolutely a cycle. Periods like this have happened