I remember my first two years of college well. Drinking, partying, playing tons of basketball. And one of the most memorable parts of all that basketball was that my team was sponsored by New Balance at the time. Being on a basketball team sponsored by a professional racecar driver who has to compete using your grandpa's thirty year old, rusted out jalopy. So, when we came to be sponsored by Nike (NYSE: NKE) for my last two years, I was elated. But then, something odd happened. I noticed that the gear, from the jackets right down to the shoes, was pretty much the exact same. We didn’t magically start playing better because of Nike. That’s why I’ve never seen them as the best investment, even though they have a complete stranglehold on the basketball footwear market. I think that consumers will be smart enough to eventually realize that their are lower cost options out there that are just as good. Meanwhile, Nike is engaging in some stock buyback that has investors less than excited. Another reason I’d caution to stay away from the footwear and apparel giant in the long term.