Travis Hoium

We're not going to out-innovate everybody else.

So I think what investors need to look at is those companies that are kind of playing defense, who are discounting, hey, we need to move product through the ecosystem so that we're not sitting on a whole bunch of inventory.

That's where you get a little bit of weaker margins.

That's where you get commentary about things like tariffs.

If you look at the results from On in particular, I always think their conference calls are really interesting because a year ago when the tariffs were the big topic, they just said, hey, we're gonna raise our prices.

You know what?

Like if there's tariffs, we're gonna raise our prices, we're gonna keep our margins, and that's the way it's gonna work.

They were sort of making a dig at the industry going, hey, in a really promotional environment,

We don't need to promote.

We're going with a full price strategy.

So that just shows you where companies are in the industry and where their pricing power lies.

And so I think that's the biggest thing that we have to look at is where is their pricing power?

Where is their demand?

It still exists at kind of that high end of the market, the people who are spending $200, $300 on a pair of shoes.

Most consumers who are spending money on a pair of shoes that are spending $50 to $100 or even $150 are looking for a little bit better deal or buying shoes for kids like I do.

Sorry, my kids aren't getting on holding shoes.

I'm not spending that kind of money.

But Under Armour, that's a much more attractive price point.

And I think that's just kind of generally where the economy is going today.

So I think that's the broad takeaway.