Lululemon is an obvious pass despite Michael Burry going long, because it has no moat and is not a game-changing company even if it looks undervalued. The quality of its sector can't compare with tech, health or communications, tariffs make the outcome unpredictable, and the bottom is unclear, putting it in the too-hard pile. x.com 

Lululemon created its category but has no moat: Amazon dupes are indistinguishable from real Lululemon pairs, even to a regular customer. x.com 

Lululemon is an 800lb gorilla worth defending despite bad management and the politics around its skin-tight leggings. x.com 

Lululemon is not worth bottom-fishing even though the bad news will eventually be priced in, because forward estimates keep falling and a bottom is hard to time before fundamentals bottom. The business is not a zero: its stores are still busy, if less than before. There are better places to look for a bargain. x.com  x.com  x.com 

Lululemon is a stock to avoid around earnings, good or bad, as apparel names almost always are. Too many investors were fooled by its compounder story coming out of Covid. x.com 

Lululemon is cheap at around 11x earnings with gross margins above 50%, while many people, including the founder, are pushing for a turnaround. Sales growth is tiny, but the balance sheet is solid and the company makes an interesting acquisition target. The reported collapse of talks with founder Chip Wilson, per WSJ via @DeItaone, looks good for the stock: Wilson may try to take it private or bring in a strategic buyer. x.com  x.com 

Nebius is limited only by how fast it can build, while Lululemon's product launches still aren't lifting sales. Nebius management says everything it can build will be sold, so capacity is the only limit on growth. Lululemon management says the response to its launches remains inconsistent, with no impact yet on the top-line trajectory. Shorting Nebius to buy Lululemon gets it backwards. x.com 

Lululemon's guidance is the problem: the stock is dumping after mixed results that included a strong EPS beat. The chart had already signaled not to buy yet. x.com  x.com 

Lululemon trading at about 7x earnings is absurdly cheap, among the most mispriced stocks around. x.com 

Lululemon no longer looks worth owning after guiding both revenue and earnings down. Consumer discretionary is dead, and AI is holding up the entire economy, though for how long is unclear. Long-dated Treasuries are the better trade now, even as @epictrades1 quotes Michael Burry saying Lululemon is his largest position and he would buy more under $100. x.com  x.com