Jeremy Raper
Long/short equity, Deep Value, special situations, growth at reasonable price

Vera Bradley: Colorful Handbags, Bleak Future, 25% Downside

The retail industry can, occasionally, be a happy hunting ground for investing ideas. While you clearly can make 'multi-bagger' investment returns by identifying the next big thing, being right in your initial assessment and riding it out, this is not the approach I mean, since picking fashions is exceptionally difficult. Instead, I'm referring to determining when a previously-successful product or trend plateaus and/or begins to decelerate. I much prefer looking for these kinds of situations to chasing companies with the current 'hot product', for a couple of reasons: - 'the trend is your friend': if you see a few quarters of slower same store sales (SSS) growth, and/or SSS growth rates turning meaningfully negative, it's unlikely to turn around in...

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