Lou Whiteman

Travis, we've talked about it before, but this all still looks like, whether it's the K-shaped recovery, K-shaped economy, there are haves and have-nots.

There is a critical mass of consumers that have the means to spend, and they are spending.

that sort of does mask or kind of distract us from the fact that there is pressure on a lot of have-nots, a lot of consumers that are really struggling right now.

And that if that number grows, that's really bad news.

This one is things, two things can be true at once.

There can both be robust spending and a lot of people who are feeling the pinch.

And I think that's what's going on here.

I think you definitely have to factor it in.

I don't think I would say you have to be done by now, but certainly a one-day event or a few-day event has turned into a season.

I think it goes to December 24th or so.

So, Travis, glass half-full there, though, is that if you believe that, I mean, I'm sort of, there were things that I was on the fence about buying, and I'm kind of curious what discounts might come in the next few weeks.

So, you know, I mean, maybe it's a reason not to.

To me, and look, just to pick on one company, but American Eagle Outfitters, which is not one that I look at a lot, I found it really interesting.

They had their comp sales forecast for the fourth quarter as up 8% to 9%.

and gross margin down year over year.

That, to me, I think sums up what we're seeing now as both the pressure and the opportunity.

I think we're going to see that a lot.

As investors, I think we can weather this.

I still think it's worse for Main Street than it is for Wall Street right now.

But as far as warning signs or being pleased about what we're seeing, definitely, I see reason to worry.