Stock Pitch: Long Lululemon (NASDAQ: LULU)

The author recommends a long position in Lululemon (LULU) due to its strong international growth, a once-in-a-decade valuation, and a clear management plan to address the recent slowdown in the U.S. market. The investment thesis is based on the explosive international growth (22% YoY), particularly in China (25% YoY), which is overshadowed by the U.S. market's performance. The stock is trading at a historically low P/E ratio of ~11.6x, and the company is actively buying back shares. Management has acknowledged the product staleness and is refreshing the lineup and expanding the men's business. Key risks include a worsening U.S. slowdown, margin pressure from tariffs, and competition.