Throwback to $ANF in the teens — trading below tangible book!

Now? It’s trading at 3x tangible book, with $5B in sales vs $3.5B pre-COVID, yet still only ~8x earnings. 👀

Meanwhile, $GPS (The Gap):

Sales are still below pre-COVID levels, but at least they're not in decline.

📊 Market's rewarding growth — but selectively.