Not a full writeup, just something that’s been bugging me on nike. For a long time the bull case was simple. people pay extra for the swoosh, so nke can grow and still protect margin. last few years they treated that like it would survive anything. They tried to own the cheap pair, the mid pair, and the $200 pair at the same time. more distribution, more lower-priced product, more promo when inventory got ugly. the top line didn’t immediately fall off a cliff. the brand premium did. That’s a bad
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