own 30% from its peak and not it's worth buying. Has long owned and liked this. They do B2B transaction, which thrived during the pandemic. The stock held up even when the world was moving back to normal, like last April. They reported a strong beat and raised their forecast on April 19. A week lower, shares slid for 9 sessions at 28%, because Amazon at that reported that it built too much warehouse space. So Amazon slashed their capex. Amazon accounts for 5% of PLD's net effective rent, their biggest customer. The sell-off in PLD was a huge over-reaction. Then, PLD offered to buy a key competitor on May 10 when the market was selling off (bad timing). Then, the macro view is pessimistic--recession fears. In contrast, he argues that Amazon can't strong-arm PLD on rent. PLD doesn't lack demand. They had a 98% occupancy rate in March. Also, the Duke Realty merger (key competitor) will be accretive. PLD has long-term leases with clients, so a wider economic slowdown won't hurt them. It's one of the best secular growth stories of the past 15 years.