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Strategies & Market Trends : Value Investing

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To: MCsweet who wrote (5852)	1/24/1999 10:03:00 PM
From: James Clarke	Read Replies (2) of 78476

The golf club industry is in real trouble, with imitators and knockoffs slashing margins. Meanwhile, demand began to fall last year as just about everybody who would spend $300 for a driver already had one. I started researching Calloway last week, and then it jumped 25% on Friday before I could get my homework done. Maybe there's something there, maybe it was just too cheap. Coastcast looks cheap, as does Calloway. But they should look cheap, because past margins are probably going to fall dramatically. I know Mike has looked at this industry before as well. The reason I was looking at Calloway however, is that I think these are good for a bounce in the spring as people start thinking about golf again, and the new products start to get hyped. JJC

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