Arkema (ARKAY)(ARKAF) was a company where we identified substantial mispricing. Indeed, we seem to have been vindicated by markets with a 20% outperformance relative to general market and stronger price performance than peers like Evonik (EVKIF). Actually, the business declines we witnessed in Arkema were better than expected. Eastman Chemical (EMN) was forecasting a 15% annual decline in businesses like construction, and more in automotive exposures. Although some of Arkema's businesses are exposed to automotive, the vast majority are exposed to construction, yet with the help of the resilient products, the overall revenue only