Subject: Re: Grantham: In which stage are we?
The slowdown you have been seeing parallels the same for my former employer. We saw our value brands (consumer durables) slow down more than 60%. Now, the higher end brands are also seeing the slow down (since 10/22).

Our revenue is flat, but that is only because the higher margin (larger, higher optioned products) items are still selling enough to offset all of our volume value models.

Across our portfolio of 32 brands and 1000s of models, we are at cyclical lows from 2018. The revenue is still at late 2019 levels, however.