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Steve Forbes

Senior Managing Director and Equity Research Analyst at Guggenheim Capital LLC

New York, NY, US

Steven Forbes is a Senior Managing Director and Equity Research Analyst at Guggenheim Securities, specializing in hardlines retail within the consumer and retail/wholesale sectors. He covers a portfolio that includes 17 major publicly traded companies, such as Etsy and others in retail, internet commerce, and consumer staples, and is recognized for issuing the majority of his ratings as Buys, achieving a success rate of about 59% and earning a 4.57-star rating on TipRanks for his stock calls. Forbes began his equity research career at Guggenheim as an associate in 2010, rising through vice president, director, and managing director roles, after starting his professional career as an Assurance Associate at PwC. He holds a Bachelor of Science in Accounting from Lehigh University, is a licensed Certified Public Accountant (CPA) in New York, and is also a CFA Charterholder.

Steve Forbes's questions to ETSY (ETSY) leadership

Question · Q3 2025

Steve Forbes inquired about the improvements in app engagement, particularly regarding the redesigned home screen and discovery feed, and how these learnings are informing product development plans for the next year to continue the return to GMS growth.

Answer

President and Chief Growth Officer Kruti Patel Goyal detailed the app's redesigned home screen and discovery feed, powered by new machine learning models, which have led to a meaningful uplift in engagement. CEO Josh Silverman added that app users visit five times more often and view three times more pages, enhancing personalization. CFO Lanny Baker noted that this data also powers owned media channels, improving outbound email and push notifications.

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Question · Q3 2025

Steve Forbes from Guggenheim inquired about the observed improvements in app engagement following recent changes to screen real estate and discovery features, and how these learnings are influencing product development plans for the upcoming year to sustain GMS growth.

Answer

President and Chief Growth Officer Kruti Patel Goyal detailed the redesigned app home screen and ML-powered discovery feed, noting significant uplift in engagement. CEO Josh Silverman highlighted that app users visit five times more often and view three times more pages. CFO Lanny Baker added that this data also enhances owned media channels like email and push notifications.

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Steve Forbes's questions to POOL (POOL) leadership

Question · Q3 2025

Steve Forbes asked how customer spend or wallet share evolves 6-12 months after initial POOL360 adoption, and what future innovations and technological advances are in the pipeline, particularly those requested by the builder community, to drive digital advantage and share capture.

Answer

President and CEO Peter Arvan explained that customers with strong digital connections tend to grow faster, citing POOL360's role in supporting private label chemical sales through water testing and increasing stickiness for service techs. He emphasized that the focus is on improving the customer experience across all facets of the business, including maintenance, repair, and retailers, rather than solely on builders, by providing tools for quotes, ordering, and inventory management.

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Steve Forbes's questions to RH (RH) leadership

Question · Q2 2026

Steve Forbes asked about the potential for continued net inventory reduction on the balance sheet and the visibility/risk surrounding the planned launch of the new brand extension in spring 2026.

Answer

Chairman and CEO Gary Friedman expressed confidence in the new brand extension launch, contingent on tariff investigations, and emphasized RH's competitive advantage in sourcing. CFO Jack Preston explained that inventory turn rates are expected to improve from mid-twos towards historical highs of 3.0-3.2.

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