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Strategies & Market Trends : Value Investing
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To: James Clarke who wrote (4658)8/15/1998 8:43:00 PM
From: Shane M  Read Replies (2) of 78676
 
Jim,

Re: ELY. I felt the same way as you, but after talking to some of the hardcore golfers at work who have the money to afford the clubs (Regional VP and Controller) I find that they're constantly trying out new clubs despite the high cost. There seems to be the perception, valid or not, that the next new technology will make the old clubs obsolete. Whether or not ELY has the next new technology is another matter, but certainly the competition could steal marketshare where successful innovation is the key barrier to entry.

This said, I'm not buying ELY now. Like yourself I can see it going lower. Asia, and Japan in particular, seems to be much of their problem and the company has said they don't expect this to get better anytime soon. In addition, a privately held company called Orlimar seems to be the maker of the club everyone's talking about right now.

Shane
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