Tomorrow is bearish, page-54

You are correct in saying that there hasn't been an immediate baby boom in china with the relaxation of the one child policy. (You didn't really need to quote your wife's friend's husband, these stats have been widely available with commentary as to why)

But you haven't explained why this has an immediate impact on A2m?

If A2 had already penetrated and captured a large % of the chinese market then yes they would require a baby boom to continue growth.

But the fact is they haven't yet, so growth can still be achieved just by establishing themselves in China.

And as you say, who knows 5 years down the track how the policy will affect baby population.