Thank you,
Frank
TFII guided lower earlier this year and essentially said it was in a 'frieght recession'. The guidance and comment really changed sentiment, as investors worried about a big slowdown. The stock has bounced off the lows, but is still down 36% on the year. TFII did say it passed on an acquisition. It does typically take advantage of slowdowns to buy businesses. Guidance still calls for a bit of EPS growth this year, with a big recovery expected in 2026. But it has missed six of eight quarters. We like it, but don't see a big rush to buy. It is the type of stock that can move quickly on sentiment, however. But we think the company will play it conservatively for awhile, pending the outcomes of tariffs and other factors. If buying, we think we would start with just a 1/4 position. It has seen P/Es as low as 15X historically.