Chit Chat Stocks A Microcap Christmas Miracle; Financial Charlatan Of The Year; 12 Boring Stocks That Outperform
Dec 26, 2025
Nike's recent earnings reveal troubling revenue and margin challenges, prompting a discussion on its decade of underperformance and strategic missteps. The episode dives into Alphabet's $4.75 billion acquisition of Intersect, highlighting its importance for renewable data parks. Boring, low-profile stocks with impressive returns are explored, alongside a deep analysis of W.W. Grainger's fundamentals. The Financial Charlatan of the Year is announced, with Michael Saylor taking the dubious honor. Insights into cannabis industry dynamics and intriguing long-term stock picks round out the conversation.
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Episode notes
Nike's Lost Decade
- Nike has delivered negative returns over the last decade despite being a premier apparel brand.
- Apparel's low barriers and rising competitors erode brand advantages over time.
Brand Isn't A Standalone Moat
- Brand alone rarely constitutes a durable moat; it usually pairs with other advantages like network effects or switching costs.
- Retail distribution advantages can turn into baggage when consumer habits shift to e-commerce.
Harbor Diversified Microcap Story
- Brett and Ryan describe buying microcap Harbor Diversified (HRBR) as a net‑net play and enduring lengthy delistings.
- They tracked asset sales and plan sell targets: Brett aims to hold to $3 while Ryan sold at $1.75 to avoid the headache.