$哈尼斯品牌服装(HBI)$ So Hanes, early on when I worked at Hanes, we were a vertical, we owned our own yard mills, textile mills, cut and sew mills, very similar, but then Hanes started spinning off. They got some consultants in and at one point, they were going to go all marketing and then they landed at a mix. They spun off the yarn mills and the textile mills and they brought the textile mills back. Right now, their model is that. They've got some owned textile mills. They don't own any yarn. The biggest disadvantage, in my opinion for a commodity-based high-volume manufacturer is that yarn proposition because Hanes lost at a competitive advantage when they spun off the yarn. And so those are my general thoughts. I'm familiar with the trade-offs of all the quality along the way…… They spun off from Sara Lee in 2006. And just in that whole time leading up to that spin-off, they were trying to go brand. And because Nike went brand. Nike makes nothing themselves. Now the secret sauce of Nike is not the manufacturing excellence. The secret sauce of Nike is the value of the brand. In my estimation, the value proposition is quality divided by price times the brand factor. Margins at Nike are north of 50%. The shoes are insanely profitable, and the apparel was insanely profitable in my opinion. And in fact, I mean, the quality of the garments was not superior to these other brands. In fact, in some cases, inferior because they were trying to save money on the fabric and put the swoosh on it and people go buy that swoosh anyway,