I think it's talking about businesses that are profitable (make money after all expenses) for FCF. So I think he is talking about profitable companies without any trouble surviving the recession.
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Yeah, I think you're right... I did a couple of minutes of research and basically found out that companies with a lot of cash reserves and have kind of essential products fit this bill. So companies like Walmart or Apple or Microsoft are good ones to invest in for the next couple of years until the S&P starts to turn around...