About the loop in the vi Editor

For the loop problem in the vi Editor-general Linux technology-Linux programming and kernel information, see the following for details. Check the following program:
# Vi test14-for.sh
LIST = "Tomy Jony Mary Geoge"
For I in $ LIST
Do
Echo $ I
Done
Execution result: [test @ test] # sh test14-for.sh
Tomy
Jony
Mary
Geoge
In this example, for I in $ LIST does it assign the content in the LIST to I?
If that is the case, the execution result should be Tomy Jony Mary Geoge, where the double quotation marks are used, that is, TomyJonyMaryGeoge.
Why?
Tomy
Jony
Mary
Geoge
Is there anything ???
Who can tell me why?
Thank you.