Harley-Davidson: Can the Dealer Network Sell the Recovery?
HOG betting its turnaround on a cheap entry bike. The strategy assumes a dealer network that's quietly falling apart can still sell volume. We're not sure it can.
Consumer
McDonald's: Is the Franchise Model Repricing?
The asset-light premium assumes operators absorb the strain. Operator relations just hit a survey low. We think the model itself is the live question.
Lululemon: Is the US demand in terminal decline?
The balance sheet is pristine and the stock is washed out. The only question that matters is whether the home-market brand is softening — or breaking