Mr. Strasser: Yes, hardlines. It's everything from Wal-Mart to Tractor Supply, to PetSmart to Best Buy, to Home Depot.
TWST: That's a fairly diverse group of retailers in terms of the products they sell. Are there any overall themes or trends that are applicable to companies like PetSmart and Tractor Supply as well to the rest of the companies in your universe?
Mr. Strasser: One of the things that's been somewhat relevant has been the idea of inflation. Food inflation has helped and hurt them over the years, so that's something particularly relevant to pet supplies. Obviously you have unemployment; you have all the macro stuff that matters. Housing turnover has proven to be relevant as well because if you think about it, logically stuff like lawn mowers, even pets, is somewhat related.
Tickers included in this excerpt: BBY, HD, LOW, PETM, TSCO, WMT
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