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.