The following appeared in the annual report of a chain of stores that sell supplies for do-it-yourself home improvements.
"Current reports indicate that sales of new homes nationwide declined by 9 percent during the past year, while sales of existing homes increased by 16 percent. Thus we can expect that the percentage of homeowners who will be making repairs or improvements to their homes will also increase. In addition, people who buy existing homes will have more money left over after the purchase to spend on home improvements. Finally, people who buy existing homes are more likely to make improvements themselves, as opposed to paying someone else. These factors combined indicate we can expect an increasing demand for products in all our stores nationwide, thus increasing our profits in the coming year."