Short-sightedness. Again. If you figure one to two quarters...

Short-sightedness. Again. If you figure one to two quarters earnings will fall fractionally due to QLD volumes coming off then in isolation that's fair. But anyone who values a company on future expected earnings and forecasts out far enough conservatively will know that one or two quarterly earnings disappointments will have an immaterial impact on the NPV or intrinsic value. Plus if you adjust your valuations for spot input prices like oil you are a goose. Take the long term average adjusted for inflation. Everything reverts to the mean eventually.

The market has this wrong and a lot of them probably know it too, they're just trading the likely emotional volatility thereby fulfilling their own prophesy. Discipline and patience wins this game in the medium to long run.