Assume there is index of the vacation cruise industry. Assume further that its value decreased due to the COVID-19 to $1800 per share, which represents about 30% of its end of 2019 value. The industry is not expected to fully recover this year and expected FCF per share will be -$80 in 2020, $140 in 2021 and grows at a constant annual rate of 5% thereafter. The appropriate discount rate to value the index is 12%. a) should an investor long or short this index? Show work. b) what minimum growth rate in FCF beyond 2021 would warranty longing this index?