Sell NKE by Sep 29, 2026.

I've been following Nike for a while, and management's entire thesis in recent times has been that they're in the middle of a deliberate, sequenced comeback. They've comitted a few strategic blunders following the Covid period (such as going all in on the direct to consumer model, flooding the market with AF1, AJ1, Dunks, which killed the heat on some of their best franchises, misreading China's channel dynamics and letting inventory pile up, and much more), but they're committing to …