Jon Quast

It's so interesting, Dan, that we're going to experience a change here at CEO.

I'm a little bit worried about a new management team coming in here and overcorrecting, because I really don't think things are as bad as it appears.

I think you have good apparel businesses and bad ones.

Bad ones have piling up inventory, and that leads to markdowns, and it leads to a complete disintegration of its profit margins.

You look at Lululemon, that's not what's happening.

It's a good business.

Inventory is fine.

Margins are fine.

It's just having a slowdown.

I'm worried that a new manager could come in here and overcorrect when, in reality, it's stay the course and do what you need to do to keep appealing to your customers.

I think that's exactly why Alphabet is a hidden gem.

It's not because it's undiscovered, but rather because investors tend to think about it one-dimensionally, when in reality, as you point out, Jason, this business can win every way from Thursday in so many different ways.

As an analyst, I can barely keep up with everything that it is doing and succeeding in.

Optionality is a business trait that we can't measure by any valuation metric.

There isn't a stock screener that's going to pull this out.

But it's so important from an investing perspective.

Just looking at the plethora of past stock market winners, they had that trait, and Alphabet certainly has it, and there are underappreciated optionality aspects of the business.

Yeah, I hate to say it.

Y'all know how much I love Airbnb, but I believe that Lululemon has the clearest path to doubling in value over the next five years.

I think all three of these stocks are really safe.