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you’re missing that 100% of downside related to Europe is In street numbers and Its multiple - one of 3 things will happen (1)you’re wrong it works (2)they shut it down and stock/street numbers go up (3) it never amounts to anything and stock goes up on the prop product recovery
I agree sentiment on the name is poor, but with justification. I'm in the #3 camp which means sure prop products will ebb & flow but at lower margins with no secular growth. Better exchanges out there in that case.
