Good question! For those who do not have your insight, the first question is: are margins being squeezed? The answer is: YES! The next question is: how far will they get squeezed? The answer is: only time will tell. So, the third question is: how long can the company's PE stay at these elevated levels? And the answer is: as long as the margins continue to be squeezed, the PE will keep adjusting downward.