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

It has been a confusing time, and I say that because I like to right up front own things.

A very small position, foot locker, which you did urge you not to buy, but we did own some, is a disaster. That conference call is going on right now, but against that, we have a lot of good stocks, including the Magnificent Seven, and I do, other than Tesla. And look, I want to always be up front with you. I bought that, that was mine. Mary Dillon came on, bought a lot of stock, came on, told

us this could be the next Ulta. I, there had been no reason for me to doubt her. I made

a mistake. It's always on me, not that person, but I have to say that it was a very difficult

quarter and a lot of it was because the demographic has changed, the economy has

changed, but also if you look, Nike is now down 10 straight days. There's a move away from

footwear on semi did, not on semi, did not have a good quarter either. Yeah, it's tough because

she's trying to reposition the company, get out of, become more off mall, you know, get out of Champs.

Choms really killed it.

But Champs was horrible.

So repositioning the company right now in a moment of weakness, especially on the consumer side.

The longest is as bad as July.

They are trying to reposition basically on the fly, which is always very hard. They do have

$600 million in credit. They will have to tap that credit line. They have way too much inventory.

It's a textbook case of a turnaround that isn't happening. Yeah. Well, look, we've been saying

not to buy. We haven't added to our position since the last quarter. Just a harsh reminder why it's important, excuse me, it's important not to put good money after bad.

Boush Health is a reminder of that, but there'll be, I'm doing it book, and there'll be a chapter on mistakes.

And Boush was a belief in Joe Papa and Footlock was a belief

from Mary Dillon. And I'm obviously trying to get away from the idea that you can bank

on certain people, even though that had been something I had done in my career and it typically

had worked. So that's a little of learning lesson here is that don't necessarily be with someone

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