Hey, it's Kramer, and this is my morning take on the market from today's CNBC Investing Club morning meeting.

We made a tough move in the portfolio today, one that shouldn't be a surprise based on what you wrote on Sunday.

Took a trim of Costco, cut the position in half. Not an early call, but company struggling here with

renewal rates. Very unlike Costco, some of it is due to higher turn from their online customers,

which tend to renew at a lower rate. It's a younger cohort. Maybe they're not visiting the stores

and they don't see all the great prices and deals that they have to offer but

you know when you have a when you're high multiple stock you really can't have any no you know flies

in the ointment to your story and until they fix this and they said it's going to be a few more quarters

i think the cfo sounds like a very pedestrian cfo and call, nothing really to write home about.

And he makes, he does a classic car.

He says that the consumer is choiceful.

And that's a canard.

What that means is that your prices are too high.

That's blaming the consumer on looking at labels and thinking, I'm not going to buy that.

No, cut your damn prices.

And that's what Costco should be doing right now.

It should be fighting inflation.

Only Walmart's fighting inflation.

Only Walmart is in there doing the right thing.

I thought the quarter was a bit of an embarrassment because I don't want to hear once again that young people don't want it.

But young people everywhere else are searching for every single bargain in the world, but they're

not searching at Costco.

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