BUD is the textbook 'go woke go broke' casualty: the 2023 Bud Light / Dylan Mulvaney backlash triggered a durable boycott that cost it the #1 US beer crown and permanently reset its domestic volumes. Shorting the parent is the most direct expression of the thesis that alienating your core customer destroys franchise value. Size modestly (3-6% of capital) given uncapped short downside.

This is the cleanest second-order winner: the beer volume that fled Bud Light didn't vanish, it flowed straight to Modelo Especial, which overtook Bud Light as America's #1 beer — and Modelo's US rights belong to Constellation. STZ is the specific name that monetised the backlash rather than a broad 'consumer staples' proxy. Suggested 5-8% allocation.

The other direct beneficiary: Coors Light and Miller Lite captured a wall of switchers during the Bud Light boycott, and TAP re-rated hard off it. It expresses the flip side of the thesis — the rival that simply kept serving its customer took share. Complements the STZ position as the domestic (vs import) share-gainer; size 3-5%.

Target's Pride-merchandise controversy drove its first traffic declines in years and sustained comp-sales weakness — the retail archetype of the thesis. Longer-dated puts give leveraged, defined-risk exposure to further boycott-driven downside without the uncapped loss of a short sale. Keep premium at risk small (1-3% of capital).