The Vendors segment has recovered to its December levels, after a turbulent first couple of months in the White House. The cooling of tariff discussions has helped restore some confidence, or rather, the lack of panic-inducing comments has soothed nerves. Our two different views of the market tell two different stories. Looking at the adjusted high-level views, the Vendors segment has grown by an impressive 7.16% – outpacing the 2.62% of the Operators, and the 2.37% of the Indexes. However, when taking the average performance of the twenty vendors, we see that on average, they grew by 2.49% – a lot less impressive. This was still better than the 0.04% loss recorded by the average Operator, where the Indexes scored…