Brian Stewart

So when companies have too much inventory, it'll take it off its hand and sell it at discounted prices. That's its business plan. So because it has this flexible supply chain, it's not as plugged in to... it can move around in response to these tariffs. It's also benefiting from the general move to lower price options.

So when companies have too much inventory, it'll take it off its hand and sell it at discounted prices. That's its business plan. So because it has this flexible supply chain, it's not as plugged in to... it can move around in response to these tariffs. It's also benefiting from the general move to lower price options.

So when companies have too much inventory, it'll take it off its hand and sell it at discounted prices. That's its business plan. So because it has this flexible supply chain, it's not as plugged in to... it can move around in response to these tariffs. It's also benefiting from the general move to lower price options.

So it's been one of the standout winners in the retail space today and in the near term. You also see companies like Costco and Walmart. Costco's up slightly today and Walmart's down slightly, but down much less than the market in general. Also Walmart's up about 5%. over the previous five days anyway.

So it's been one of the standout winners in the retail space today and in the near term. You also see companies like Costco and Walmart. Costco's up slightly today and Walmart's down slightly, but down much less than the market in general. Also Walmart's up about 5%. over the previous five days anyway.

So it's been one of the standout winners in the retail space today and in the near term. You also see companies like Costco and Walmart. Costco's up slightly today and Walmart's down slightly, but down much less than the market in general. Also Walmart's up about 5%. over the previous five days anyway.

Walmart took a dip back in February after it issued soft guidance, but in recent days it's reportedly been pushing its Chinese suppliers to lower costs. So I think there's a bet that companies like Costco and Walmart in a situation where all retailers are gonna be hurt by these tariffs because their supply chains are going to be affected by much more expensive

Walmart took a dip back in February after it issued soft guidance, but in recent days it's reportedly been pushing its Chinese suppliers to lower costs. So I think there's a bet that companies like Costco and Walmart in a situation where all retailers are gonna be hurt by these tariffs because their supply chains are going to be affected by much more expensive

Walmart took a dip back in February after it issued soft guidance, but in recent days it's reportedly been pushing its Chinese suppliers to lower costs. So I think there's a bet that companies like Costco and Walmart in a situation where all retailers are gonna be hurt by these tariffs because their supply chains are going to be affected by much more expensive

that companies like Costco and Walmart are large enough that they can negotiate better prices. So even though the entire industry is going to be a general loser relative to their competitors, Walmart and Costco can get better deals and so therefore can still offer lower prices.

that companies like Costco and Walmart are large enough that they can negotiate better prices. So even though the entire industry is going to be a general loser relative to their competitors, Walmart and Costco can get better deals and so therefore can still offer lower prices.

that companies like Costco and Walmart are large enough that they can negotiate better prices. So even though the entire industry is going to be a general loser relative to their competitors, Walmart and Costco can get better deals and so therefore can still offer lower prices.

So RH, Restoration Hardware, is down about 39% today. I mean, that's partially tariff-related, but it had negative earnings as well. It missed expectations and gave soft guidance. It's described the current housing market as the worst housing market in almost 50 years. It's a luxury furniture maker, retailer, luxury furniture retailer. And it's just in the perfect storm.

So RH, Restoration Hardware, is down about 39% today. I mean, that's partially tariff-related, but it had negative earnings as well. It missed expectations and gave soft guidance. It's described the current housing market as the worst housing market in almost 50 years. It's a luxury furniture maker, retailer, luxury furniture retailer. And it's just in the perfect storm.

So RH, Restoration Hardware, is down about 39% today. I mean, that's partially tariff-related, but it had negative earnings as well. It missed expectations and gave soft guidance. It's described the current housing market as the worst housing market in almost 50 years. It's a luxury furniture maker, retailer, luxury furniture retailer. And it's just in the perfect storm.

Everything's going wrong for macro speaking for RH. And so you can see it losing a large chunk of its value today. In terms of the other tech companies, there's Besides the supply chain issues that are being affected by the tariff, there's also the fear that the AI build-out is not going to be as aggressive as originally hoped. I think there's just a general moving away.

Everything's going wrong for macro speaking for RH. And so you can see it losing a large chunk of its value today. In terms of the other tech companies, there's Besides the supply chain issues that are being affected by the tariff, there's also the fear that the AI build-out is not going to be as aggressive as originally hoped. I think there's just a general moving away.

Everything's going wrong for macro speaking for RH. And so you can see it losing a large chunk of its value today. In terms of the other tech companies, there's Besides the supply chain issues that are being affected by the tariff, there's also the fear that the AI build-out is not going to be as aggressive as originally hoped. I think there's just a general moving away.

There was already a general moving away from tech into more defensive. People were hedging their bets a little bit on tech. And so I think this has only exacerbated this. As we discussed during the sell-off that happened earlier this year, if you're bullish long-term, bullish generally, the best case scenario is that it falls quickly and finds a bottom quickly and then starts to recover.

There was already a general moving away from tech into more defensive. People were hedging their bets a little bit on tech. And so I think this has only exacerbated this. As we discussed during the sell-off that happened earlier this year, if you're bullish long-term, bullish generally, the best case scenario is that it falls quickly and finds a bottom quickly and then starts to recover.