Nike and Lululemon show why apparel brands almost always belong in the too-hard pile. Consumer tastes change on a whim and are hard to model, and missteps in keeping up can be the beginning of the end even for the hottest, most beloved brands. A new shirt is among the first things people cut, and structurally growing beyond brand awareness and store runways is extremely difficult. There are better places for time and money. x.com 

Gap is now cheaper than Abercrombie & Fitch, trading at 7.5x forward earnings with 16% net cash, so the setup might work. x.com 

Gap looks cheap against its cash earnings, trading at 7x when retailers usually get 12x. Fair value is $46.44 to $59.11, or 12x next year's cash earnings give or take 12%, leaving the $23.48 price 49% below the low end of that range. This is a levels-only read from reported earnings and revenue estimates, with no fundamental work. x.com