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To: Wallace Rivers who wrote (5856)1/25/1999 9:13:00 AM
From: jeffbas  Respond to of 78478
 
I agree on the general unattractiveness of Calloway. In my opinion, if one of these kinds of companies gets to be one where its growth comes from demographics only and replacement buying of limited scope, as you note, they are usually poor long term investments -- unless the price gets to be so low that the company could and plans to eventually buy all the stock back.

I have followed a somewhat related apparel company Ashworth (ASHW)
very casually. Does anyone have a view whether this one is any better?



To: Wallace Rivers who wrote (5856)1/25/1999 10:49:00 AM
From: Michael Burry  Read Replies (1) | Respond to of 78478
 
I'm reading a book, Wall Street on Sale, that mentions Callaway in 1994, when it was trading at 11 times earnings in the face of a perceived glut in the industry for makers of premier clubs. Mentions it as a contrarian ploy that would have worked.

Thanks for the input, Wallace.

Mike


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