Vince Martin
Long/short equity, value, gambling

Callaway Golf Is Getting Tempting

(click to enlarge)Source:

It's been a frustrating several years out of the '08-'09 recession for shareholders of Callaway Golf (NYSE:ELY). One would think that a golf club manufacturer - and a high-end one at that - would see far more substantial appreciation in an economic recovery than the ~60% returns ELY has driven from the 2009 lows. But Callaway had to spend a couple of years restructuring the business, laying off workers and taking impairment charges, while also dealing with some self-inflicted wounds relative to its marketing spend and message. Operationally, the company appears largely on track, but it's now run into both a punitive currency environment and an unfavorable narrative about golf's popularity in the

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