This is your strongest point, IMO. Many big-ticket ag equipment purchases can be deferred, which is why the stock price of DE has fallen pretty hard lately. Still, DE's stock had reached a lofty valuation for a cyclical company, as I've noted on this board (e.g. #msg-134862558).
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”
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