Subject: Re: Spy down another 4 percent,
That being the case, it is odd that this fall is blamed solely on the Trump tariff thing.

I think if you go back and look at the market moves and the tariff announcements, the moves pretty well correlate. Especially the move on the rumour for the 90 day delay.

Perhaps the market being at a higher multiple than average has made the moves larger, but in my opinion, if the tariffs had not been announced, forward earnings estimates would have been much higher and the market would have been higher.

The tariffs in my opinion are not a catalyst but a cause.



Aussi