Overall, being short Retail in 2019 gave you approximately 1900 basis points of alpha.
I don’t know if you get that same magnitude again this year, but by any stretch as I look at the earning expectations, I think that companies are going to miss by a greater extent this year than they will next year.
If you look at the holiday sales from the November to December tallies, we had a 4.5% boost in holiday sales and you still saw companies like Walmart and Target that broadly missed.
Overall you can see how the top line is slowing.You can clearly see a deceleration into January 20. Look sales aren’t falling apart, but they’re definitely slowing slowly.
I will also say that in January we got the worst number of apparel sales over the course of a 10 year time period.
Just something you’ll want to note as we continue into the year.