Takeaway: I almost never make reactionary changes to my position monitor. But TIF just blew up my call. Can’t poke any holes in this Q. I’m wrong.

I’m taking TIF off my short list. This is the lamest call/action I've made in years – I almost never boot a name bc a call did not go my way a quarter. But there’s no poking holes in the quarter or the trajectory of the earnings/cash flow algorithm. Is there risk in Europe and EM? Do comps get tougher in 2-3 quarters. Yes. Do I still think TIF has a brand problem? Yes, but I have to prove it with hard data and I can’t do that today. I'm keeping/lowering this on my bench because of the TAIL risk to both top line and margins -- and one can even argue that I'm capitulating and this is the price/time to short it. But there's too much goodness here that I can't explain. When you’re wrong, you’re wrong. Luxury is en fuego – for now.