Sell NKE by Nov 24, 2026.

I have been thinking about Nike’s decline and I do not believe its biggest mistake was simply missing a few fashion trends. For years, Nike operated as if the brand itself was an unlimited resource. The company pushed toward direct-to-consumer sales, pulled products from wholesale partners, leaned heavily on familiar franchises, cut costs, and spent billions repurchasing shares. Every decision made sense on a spreadsheet. Together, they left Nike with almost no room to pivot when consumers moved toward brands …