Matt Frankel

I mean, for me, just looking at these reports, On is the most attractive and it's not very close.

Accelerating growth and margin expansion in a difficult environment for consumer spending is impressive.

Gross margin improved by more than four percentage points year over year, despite the tariff headwinds that contracted gross margin for the other two.

Extremely strong growth in Asia Pacific, and there's a lot more room to grow there.

As far as what I wouldn't do out of the three, I wouldn't touch Under Armour.

It seems to be a restructuring story with no clear path to finishing restructuring and recovering.

Adidas is a great business, just not as exciting of a growth story as on to me.

Yeah, and I would just add, I mean, I already gave my little spiel on holding a little while ago, but I would say as far as the three major turnarounds, Travis just mentioned Lululemon, and I'm glad he did, because between Lululemon, Nike, and Under Armour, Lululemon, to me, is by far the most attractive of the three turnaround candidates.

The reasons I say that, one, kind of like on holding, but not to the same extent.

They have more pricing power than either Nike or Under Armour in this market.

They just made some missteps in their marketing strategy.

For example, the percentage of new products, meaning like new lines, new styles in their stores, steadily declined over the past few years, and that kind of drove customers away because they don't want to go and buy the same things they already had, and they're making a conscious effort to remedy that.

focusing on new products, focusing on reasons for customers to set foot in their stores.

They have the pricing power.

I like what management's doing.

I think they're making all the right moves.

And out of the three turnarounds, that's the one that I like right now.

I mean, even in person, you make a good argument there.

If you and I are at Vegas at Caesars and you tell me I can get better odds on the bet I want at MGM, I'm going to leave.

I'm not that loyal about it.