Trade down in tires but HOKA's are killing it/See what Workday said/Other stuff

My worries about CRE and BREIT, which began in 2022, is being lived real time by SREIT, the Starwood product as I'm sure you saw in the WSJ a few days ago and with them announcing new gating rules yesterday. https://www.wsj.com/real-estate/commercial/starwood-capital-group-real-estate-fund-cash-crunch-409f56d5

We'll start right with the US consumer with more retail facing companies reporting earnings and you'll read a continued batch of mixed things. 

From Monro, a stock we own, the 1,300 store auto service shop where half its business is selling and changing tires:

"Strained low to middle income consumers are deferring tire purchases in higher margin tiers and disproportionately trading down to tires at lower price points. This is being supported by an oversupply of lower margin tires in the US." Fyi, a Michelin tire would for example be a tier 1 tire where a tier 3 or 4 would be a brand you haven't likely heard of. 

"Additionally, milder weather has contributed to the general tire deferral cycle. The overall impact of this is fewer US tire replacement units being sold at a lower overall average selling price. This has led to pressured store traffic for us, which is not supportive to attachment of our higher margin service categories."

From Ross Stores, similar to TJX, benefiting from the value conscious, choiceful consumer: