The U.S. business continues to outperform, while Europe is steadily improving. We would, however, like to see margin expansion on such robust sales.
When times are tough, we tend to outperform as margins increase.
Favored stocks underperform the market, while out-of-favor companies outperform the market, but the reappraisal often happens slowly, even glacially.
This is an important step forward. It will enable us to continue to outperform our competitors.
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