"So they lost money in 2008 and 2009, if the market dropped substantially would this affect them and by how much?"
It would affect their reported profits enormously.
But its underlying profits and its operating cash flows, which is the ultimate determinant of the fundamental value of the business, would barely skip a beat.
(Refer https://hotcopper.com.au/posts/32067496/single)
But can I ask what prompts your question?
Are you expecting the market to drop substantially?
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