In terms of risk, one must also take into account the qualitative risk of investing in Foot Locker. Indeed Foot locker has a lot of exposure to a small amount of suppliers. FL is very exposed to any poor performance of Nike or its other large suppliers. However, Nike has continuously reassured us of continued strength in the future, and FL will be a main beneficiary of that. Foot Locker could also lose business to competitors such as Nike and Adidas which could sell increasingly more product directly to consumers, cutting out the middleman. Nevertheless, FL remains a major distributor for these brands. Our company operates in a highly cyclical industry, which gives rise to economic risk. Re-emerging macro headwinds in Europe may hinder future