Published: August 20, 2015
We think the current situation is an incredible opportunity from a risk/reward standpoint. Gaiam is a well-established, widely known brand that has just launched a new product line to greatly broaden its appeal <em>and</em> an incredibly high growth, recurring revenue streaming content business a...
Published: July 17, 2015
To better understand the athletic apparel landscape, we conducted numerous interviews with key industry players. We found that many were observing an unusual amount of discounting among Nike athletic compression products, which directly target many of Under Armour’s bestsellers. Significantly, al...
Published: April 30, 2014
Founded in December 2007, Two Fish Management, LLC is an options focused investment management firm that aims to provide excess risk-adjusted investment returns over conventional benchmarks through a variety of unique strategies for individuals, independent financial advisors, broker/dealers and ...
Published: April 01, 2014
It's obviously not going to be easy for the company to turn around in a quarter or two, but with previously successful new management, solid fundamentals and the worst being priced into the stock with a short interest of some 20-21%, I believe LULU represents a solid opportunity for anyone that w...
Published: December 17, 2013
In an environment with increasingly fewer undemanding valuations in the consumer space (though in itself not a reason), Foot Locker offers an interesting value proposition: A company with a relatively dominant market position in its industry (>20% market share and >3x as big as next biggest pure ...
Published: October 17, 2013
At $58.88/share, WWW shares today trade at 21x 2013 consensus EPS and 17x 2014 consensus EPS estimates. A long investment in WWW shares present an asymmetric risk/reward profile whereby I see an opportunity for compelling returns and minimal risk of capital over a 3 year holding period. I expect ...
Published: September 06, 2013
A small Korean company has acquired some big brands through two separate LBO's since 2007. It turned around Fila, now it plans to sell the golf lifestyle in Asia with Titleist.
Published: August 22, 2013
We have talked to ice hockey players who value BAU equipment at a premium and trust the performance (any feedback from players welcome). The equipment market in ice hockey is a rounding error for Nike et al. The market is roughly $650m in size. It is not worth allocating resources towards due to ...
Published: May 08, 2013
A private equity buyer could take Croc’s private at ~8.5x EBITDA, with modest leverage. Including off-balance sheet operating leases, the lease adjusted leverage is only 2x today, that could support at least an additional 4x. The PE firm would need to bring retail expertise in order to help execu...