 about some of these e-retailers. With that is Greg Portal, partner and consumer practice lead at Carney and Melissa Armo, founder and owner of the Stock Swoosh. Thank you both for being with us as we look at the landscape of the online shopper. For example, we saw Wayfair. Wayfair had fewer orders. We've seen slower growth for a name like Etsy. Greg, what are you seeing as it talks about e-commerce here? Well, we're really starting to see an industry that is reaching that inflection point. We used to think about e-commerce as this limitless area of growth. And now that initial exuberance is really turning into a competitive landscape where these companies have to compete for share of wallet more so than just pure growth. And that really does change the calculus for all of these companies in the sector. So, Melissa, what are your thoughts? Because there was no doubt when we saw the Wayfair report, it was very evident. We saw the stock struggling. Their earnings and orders for the company disappointed truly. And there's been a lot of excitement that the consumer was still spending last year. Are things changing? Is it Amazon? Is it folks going back out on foot to the stores? What's changing? Well, if you look at stores or companies that have actual locations where you can go shop like Target and Walmart, those stocks, those charts look much, much better than anything we're talking about today. So, definitely, I think people have been out. They want to go out. They want to look and touch and see what they're going to buy. And that's a benefit. But also, it may be the fact that sometimes when you're ordering things online, specifically, I'm going to talk about furniture, which overstock and Wayfair focus on the bigger items, furniture items, it could take weeks and weeks and months to get it. So, I mean, if people say, okay, I can walk into Target and get it. Or I could order it online with Wayfair or even if they decide they want to buy something, but they're seeing it take someone to get it, they may change their mind and decide not to do it. And that is a problem, I think, right now with furniture and big ticket items, appliances as well. Etsy reports tonight. So, I don't know how that does, but pretty much every single stock we're talking about today really looks like the market. They all gap down. They all rally today in the market. So, you can't really take much from today's trading activity despite the fact that they had earnings away from what really is going to be the long-term between now and the end of 2022, I'd say, for what these companies are going to do. I think you make a great point about supply chain concerns and things for the home. And we've actually heard those concerns from the National Association of Home Builders while they have demand for building homes, they're having a hard time getting cabinets, getting appliances, getting the things they need to build. That being said, I'm also thinking about price point as far as market value. Greg, you tell me, because names like eBay, which is probably down more than 30% from its October record, and Wayfair has fallen over 60% from its high in March. When we look at these types of names, they're more in the small cap category. I wouldn't compare these. I don't know that we can compare these to the big names. Do they provide something different for an investor? Do you like any of these names? Can you recommend any of these names? Well, they're very focused. So if you think about some of the larger competitors, they have more degrees of freedom to build momentum. When you look at some of the smaller mid cap, smaller low cap and mid cap plays, they have very few degrees of freedom. So when management gets challenged against headwinds, whether it's supply chain or on the demand side, they just have fewer options to work themselves out. Whereas in the larger names that we all watch, those companies really can put into play a lot of different tools that more closely match traditional big business than these more narrowly defined companies. Melissa, do you have any names that you recommend when it comes to retail? To buy, if you're talking about buying, I would rate right now because of the backdrop of the landscape that we're living in right now, which we saw the reaction of the market today. It's interesting to me, I know the market's rallying today, but the fact is the market got down and has really taken a tumble. And we haven't seen highs in the market in 2022. The last time the market saw highs was November of 2021. So as far as looking to buy anything here, I don't care what it is, I don't care what sector, maybe except for oil. You want to buy oil right now, go for it. Other than that, I would stay away from buying anything at this point now to see whether it has good earnings or not, because you want to see really where this market could go. A lot of people think this is a great buying opportunity if people love to buy dips, but the fact is the market could go lower, it absolutely could. Right. And Greg, you were looking at a name like Overstock. You said, at least in some cases, Overstock has some levers to pull. Can you explain that? Well, remember, they started as a big sprawling enterprise that was primarily reselling product. Now they've started to really focus the business. They've started to understand over the past 20 years what makes that business profitable. So when management looks at where they can squeeze out additional earnings in a quarter by quarter basis, they just have more experience and more trial and error behind them so that we're not living through it in the market. That's why you're seeing a company like Overstock survive this wave of uncertainty a little bit better than some of the other names we've watched. And Melissa, final thought just on the consumer and the behavior that we may or may not see, you know, such a contributor to GDP growth is the consumer. I think the consumer is going to think about what happens in March when the Fed decides if they're going to raise rates a half a point or a quarter percent, because people are going to get scared about spending money or going out and making big purchase ticket items, furniture is one of them, which these store sell when the interest rates are going to go up because again that means people's credit card interest rates are going to go up and people tend to put these items on credit cards. So they're going to think really seriously depending on what rates do. Plus also we talked about gas going up and food and inflation and all those things. People are being picky about what they spend money on. Do I think they're not going to, they're going to stop spending money? No, but people are going to be really picky about what they spend money on in the coming months. Yeah, without a doubt. Good to see you both. Thank you so much. Melissa Armo of the Stock Swoosh and Greg Portell of Carney. Thank you both very, very much. Nice to see you.