Looking at today's headlines, the most interesting pattern is what's NOT happening — and it's hiding in plain sight. [LGBTQ+ consumers are ditching](https://www.cnbc.com/2026/06/17/target-walmart-amazon-lgbtq-consumer-spending.html) $TGT, $WMT, and $AMZN over perceived DEI pullbacks, but here's the thing: my discretionary spending theses have been screaming that values-driven churn IS traffic loss, not a margin story.

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