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The slowing housing housing market is nothing to worry about. On the contrary, it might help to create a good long-term entry-price.

However, I worry about the competitive position. TGT and others may really redistribute the stakes in the market. PIR states in the recent conference call that they are the only one with this kind of sortiment and distribution channels. However, I don't really understand what their competitive advantage is. After all, their sortiment was not successful in the marketplace and is being overhauled. Any insights?

Not in the mood yet to buy PIR,
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