You're kidding, right? We're at an all time market high, China's growth has been slowing for years, the Fed has manufactured the current market with no underlying support from the economy, the housing 'comeback' is mainly fueled by private equity and the media, we've witnessed the greatest commodities bubble of all time that peaked in '08 and you're asking when to buy CX, a company with monumental debt that won't be paid down for decades? Wait 5-8 years and you'll be able to buy any stock you want for $.02 - $.20 on the dollar.
Chet, I think you may want to look deeper into your analysis. All you say is true, except and that is my opinion, that the commodities, lead by oil are not backing off. Oil went from 13 a barrel to over 150 to settle about 100 +/-. Other commodities have followed but not nearly as well as oil or cooper.
Then, when we add the dilution of the money (O% int.), I think that accrued inflation is bound to show up.
Companies engaged in necessary issues, cement, tires, bearings etc. will have the power to pass their costs and margins and hence the unexplained good bottom line.
If oil were to collapse which is entirely possible then your analysis would be correct and the manure will hit the propeller. Then, all bets are off.
But where would you hide? In 8 years the way we are going the dollar will be worth ten cents.
So long as things stay as they are today CX will pay its gargantuan debt in little old dollars.