Camping World Holdings (CWH)

The sleeper story here is that CWH is engineering a strategic reset - killing the dividend, aggressively clearing inventory, and preparing for a massive trade-in wave from the 4.1M customers who bought RVs during the 2020-2022 peak. While the market will focus on the guidance cut and margin pressure, the real story is working capital optimization ahead of what could be the biggest replacement cycle in RV history. The binding constraint isn't demand (they're gaining market share) - it's their own inventory efficiency, which they're fixing at the cost of near-term margins. Wagner's ice cube analogy perfectly captures it: 'Inventory is like an ice cube sitting on your lot. With every day that it sits, your profitability starts to melt.' My view changes if inventory turns don't improve by Q2 or if the trade-in wave fails to materialize in H2 2026.