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RH is a luxury furniture and lifestyle retailer operating in the $134 billion domestic furniture and home furnishing industry. The firm offers merchandise across many categories including furniture, lighting, textiles, bath, decor, and children and is growing the presence of its hospitality business with 19 restaurant locations. RH innovates, curates, and integrates products, categories, services, and businesses across channels and brand extensions (RH Modern and Waterworks, for example). RH is fully integrated across channels and is positioned to broaden its addressable market over the next decade by expanding abroad, with its World of RH digital platform (highlighting offerings outside of home furnishings), and with offerings in bespoke furniture, architecture, media, and more.

Lululemon Athletica designs, distributes, and markets athletic apparel, footwear, and accessories for women, men, and girls. Lululemon offers pants, shorts, tops, and jackets for both leisure and athletic activities such as yoga and running. The company also sells fitness accessories, such as bags, yoga mats, and equipment. Lululemon sells its products through more than 700 company-owned stores in about 20 countries, e-commerce, outlets, and wholesale accounts. The company was founded in 1998 and is based in Vancouver, Canada.

Bitcoin's recent surge above $100,000 from less than $45,000 at the beginning of the year has been very good for investors, but is the digital currency good for the world? The authors of a new book conclude that, "Bitcoin is a net benefit to the world, despite its imperfections." This is a contentious -- but important -- topic that researchers across a range of disciplines are just beginning to study. Their work may be important in determining how Bitcoin evolves as an asset class. Last month, we attended a Book Talk at Princeton University. A panel discussion included the three authors of Resistance Money: A Philosophical Case for Bitcoin. The authors write that, "Bitcoin isn't just for criminals, speculators, or Silicon Valley entrepreneurs - despite what the headlines say." They add that, "In an imperfect world of rampant inflation, creeping authoritarianism, surveillance, censorship and financial exclusion, Bitcoin empowers individuals to elude the expanding reach and tightening grip of institutions both public and private." The authors contend readers should be "very skeptical." They write that "We're skeptical too, yet we will argue that Bitcoin makes good on many of its promises. There are momentous tradeoffs along the way and qualifications aplenty. But fundamentally Bitcoin is what it says on the box, digital cash." One reservation expressed is that Bitcoin's soaring price and volatility make it hard to use for refugees, or citizens in countries with hyperinflation -- the people who may need it most. There were also questions about the environmental impact of the datacenters that are "mining" Bitcoin. We have reservations about determining entry and exit points for a product that doesn't generate cash flows. In the near-term, Argus believes there may be a place for Bitcoin ETFs with limited exposure in an aggressive diversified portfolio.

VFC designs, produces, and distributes more than 30 brands of lifestyle apparel, footwear, and related products. The company's largest brands are Vans, The North Face, Timberland, and Dickies. Its products are marketed to consumers at specialty stores, department stores, national chains, mass merchants, and VF-operated stores and through e-commerce sites. Headquartered in Denver, the company has over 18,000 employees. The shares are a component of the S&P 600 Small-Cap Index.