This is the short-term effect that administration officials themselves have said we should expect once enforcement ramped up.

With ICE actually doing the job it was hired for, the short-term effect is exactly what you’d expect: growth slows while the economy detoxes from years of being propped up by illegal immigration. The latest jobs report – weak numbers, no real surprise – fits the pattern. Take the drug away from an addict and you get withdrawal. That’s the American economy right now.

We’ve been sitting on a solid profit in Simon Property Group (SPG). Given that the economy is likely to stay soft for a while, we sold the entire position today – both the private portfolio and the company one. Most of the proceeds went into VICI Properties (VICI), with a smaller slice into Realty Income (O).

Was it the smart, strategic move? Ask me again in six months. For now it just feels like the least stupid thing to do.

Anyone else who looked at the jobs report and decided to move some money around? Or are you still holding and hoping the soft patch is just a blip?