The Risk of Shutdown Is Building on Balsa Wood

When China reopened, there was all this enthusiasm that China was going to be the thing that saved us. And I think what we're finding out right now is that that enthusiasm was also built on Balsa wood and you've got a Chinese consumer that is not spending as much money that is not traveling. If there is a risk of shutdown, it's almost as if we need to assume that some of this consumption strength, we have to do it without China.

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