I couldn't begin to contemplate all the moving parts of what the...

I couldn't begin to contemplate all the moving parts of what the tariffs will introduce to the models, but I'm sure all your points will be relevant and are worth considering. It would be ideal for the market to be growing — we’d be valued very differently — but we’ve already had to come to terms with the fact that it’s not, and while the tariffs and economic downturns may contribute further to a shrinking overall market, I still believe A2M is well-positioned to navigate these challenges.

Despite the contracting market and the potential benefits from these tariffs (which remain to be seen), A2M is gaining market share, and the market itself will remain large. As a premium brand, A2M will continue to see demand as families prioritize quality. Even amid economic difficulties, growing families will still invest in the health of their children with premium products like ours.

Additionally, A2M has diversified beyond baby formula into other dairy categories, providing flexibility to rely on growth in other areas they are targeting, if one segment slows down. If they all do, we're still growing into new markets, which will balance us out. This all broadens the company’s scope, positioning it to capture a larger share of the market, which includes adults, the elderly, and children.

Moreover, with rising national sentiment in China, if they are not choosing to buy local, consumers may gravitate toward Australian and New Zealand brands over U.S. products, which are viewed as politically and economically distant. This could offer another opportunity for A2M to capture market share from U.S. competitors facing higher production costs due to tariffs.

Anyway, while the market may be shrinking, A2M’s diversification, premium positioning, and stable supply chain place it in a strong position to gain market share and grow the company under these conditions.