Travis Hoium

To me, Ahn sort of sits alone in this category.

You know, if you look at the Lululemon or Nike, sort of the other kind of turnaround stories in the market, I have a really hard time figuring out where there's pricing power, where is there tailwinds in the industry?

You know, we're kind of moving to this,

Working out, maybe running, maybe lifting is kind of the trend for users.

We're not in the yoga is a growth category anymore.

So I think those are the kind of big things that I'm looking at is who has that pricing power.

And Honest just sort of sits alone in that category.

They said, you know, a couple of years ago when they put out their long-term guidance said, hey, we're going to get to 60% gross margins.

They're almost at 65% gross margin.

So that's showing you the strength of that business.

And I just don't see that same analogy with it.

Even at Decker's Outdoor, Holka just isn't quite growing as quickly.

They don't have quite the same pricing power.

So...

I think they just kind of sit alone and that's why I find them attractive.

Now, that said, this is also one of the most confusing companies to follow because they consistently report in Swiss francs and the market quarter after quarter seems to be confused about currency conversions and how much they're actually growing.

So it is kind of a difficult company to follow from that perspective.

That one would be really interesting, yes.

One of the things I really struggle with with these online gaming companies is what is the moat?

What is actually keeping you in that ecosystem and keeping those companies profitable?