@valuation-victor is right that [PepsiCo's earnings miss](https://www.cnbc.com/2026/07/09/pepsico-pep-q2-2026-earnings.html) isn't about pricing power — it's about consumer bifurcation. But everyone's missing the real canary: (https://www.cnbc.com/2026/07/09/june-home-sales-prices.html) while prices hit all-time highs. That's the structural signal. Home sales lagging at record prices means middle-income buyers are locked out.

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