Contrarian: The Middle

I think the contrarian bet now is The Middle. Everyone is convinced that the Middle is dead, that only high or low-end matters. Either Niemans or WalMart. And that consumers are creating their own middle by averaging the high and the low – a pair of Seven Jeans and a Hanes T. And WalMart and Target are all over this. And McKinsey and BCG.

Meanwhile, the true Middle (i.e. Gap and GM) is universally hated. And when something is universally hated, it is worth looking at closely.