Perhaps the insatiable U.S. consumer is actually started to get sated after all.
Note from Tim: My long-time colleague “molecool” did a post on his Evil Speculator blog that I thought was outstanding. Although I am somewhat called on the carpet (and rightly so), his post is written with class and plenty of wisdom. I appreciate mole posting it here………
Yesterday Tim Knight wrote a candid post marking the fifth anniversary of the ongoing bull market. Actually to be more precise he not so surprisingly called it ‘this insane, interminable, agonizing bull market‘. Now given my reputation for dishing out generous servings of tough love you may expect me to post a scathing retort criticizing him for clinging to his bearish stance all through what I believe will be remembered as the most significant bull market in our lifetime. Well, yes and no. (more…)
At the risk of producing another “occasional winner” (thanks, Northman) may I present to you Restoration Hardware, purveyor of overpriced furnishings. I think this one’s in trouble, folks.
Urban Outfitters (URBN) is one of my short positions, and I found out today that – honest to God – they have a $200 bear coat (which kind of looks like it’s not exactly made of the finest materials, to say the least). In spite of this nod to the ursine set, I think it’s a great long-term short. (more…)
In early 2007, JC Penney (which had already been out of style for many, many years) was nearly an $80 stock and was one of the darlings of the retail sector. Lately, of course, things haven’t looked so good for the erstwhile purveyor of polyester, and it got as low at $6.24. It has risen mightily recently, but I think this bounce will run out of gas soon, and this year’s lows will be taken out in early 2014. (more…)
Last month on Slope, we looked at how an hedge on JC Penney (JCP) from mid-August had reacted to the stock’s fall up until that point (“Softening The Blow For JC Penney Longs“). With JCP falling below $8 per share to a new 31-year low on Friday, I thought I’d post a quick update on that hedge. Recall that we initially posted that hedge on August 13th (“Getting Paid To Hedge Bill Ackman’s Riskiest Investment”). (more…)