Pool, held in large size and down 28%, has seen revenue and profit declines attributed to a short-term cyclical problem from current macroeconomic conditions; once the cycle changes, revenues and profits should grow again and it should come back strong because its basic economic moat is still intact.

While these others I have large allocations for. So Nike is down 43%, LVMH is down 41%, Copart is down 32%, Pool is down 28%, and Booking is down 26%.

If you look at companies like LVMH, Copart, and Pool, you will find that revenues have declined and profits have declined. To me, this is a short-term cyclical problem due to current macroeconomic conditions, isn't it?

But over time, once the cycle changes, its revenues will grow again, its profits will grow again, and it will come back strong because its basic economic moat is still there, okay?