Any jerk can have short-term earnings. You squeeze, squeeze, squeeze, and the company sinks five years later.

Management is all about managing in the short term, while developing the plans for the long term.

You can't grow long-term if you can't eat short-term. Anybody can manage short. Anybody can manage long. Balancing those two things is what management is.

in the short term we could see a knee-jerk reaction higher.

I sure liked the idea of someone giving me millions of dollars, ... In 1992 they took control of the company, and I was out on the street.

The election is exaggerating the short term, but it's not the issue. The issue is the deceleration of earnings and the contraction of multiples because prices got way out of whack with what future earnings were going to be.