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A Swiss runner's DD: Hoka owns the trail (35 to 40% of the field at major ultras) and the stock trades at an 11 P/E
DECK DD from a Swiss runner: Hoka dominates trail running (35 to 40% of the field at major ultras, UTMB sponsor), UGG steady, and the stock trades at an 11 P/E while the sub chases GPUs.
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