(1) I love $FND. Best story in 20 years for retail. Took it public and am honored I was Bookrunner on the IPO. Seriously love the entire management team, with a similar passion as how they approach their business. Alas, can no longer defend where it trades. (2) There are many historical examples of the buyside getting over its skis on their own volition, only to later penalize the company itself. You know what $FND itself is not doing? They are not pumping expectations whatsoever – they have been very fair with all of their guidance assumptions in 2024. Alas when you trade at a 55x+ FY1 P/E, there is not a lot of room for honest debate.

A lot of noise on #Fintwit regarding upcoming $RH earnings this week. I covered the company at a sell-side bulge bracket from 2016 to 2019, which included a dramatic investor sentiment change from Gary is terrible to he’s the next Steve Jobs. Here is my preview: (1) $RH guided 1Q23 on March 29th. Since that time, US Census Retail Sales show April sales for Furniture industry down almost 9%, worst month since Mar-May 2020 and 2009 before that. March was down almost 3% so significant sequential industry deterioration.