Samsung

In 1983, Samsung entered the memory chip business a decade behind Japanese manufacturers. Every analyst said it was too late. Lee Byung-chul, the founder, responded with a manufacturing strategy so aggressive it should have been suicidal. When chip prices crashed in the mid-1980s and every other manufacturer cut investment to survive, Samsung doubled its spending on fabrication plants. They invested during the downturn when competitors were retreating, so that when demand recovered, Samsung had the newest factories and the lowest costs. They did this again in 1997 and again in 2008. Every recession became an investment opportunity. This counter-cyclical investment strategy is the specific tactic that turned a latecomer into the dominant player. Building a chip fabrication plant costs billions and takes years. If you invest during a boom, the plant comes online just as prices are falling. If you invest during a bust, the plant comes online as prices are recovering and competitors are still running on older equipment. Samsung weaponised the business cycle itself.