Adding To Restoration Hardware Position

Sep. 18, 2013 8:46 PM ETRH
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Alex Filonov's Blog
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Growth, Value, Special Situations, Portfolio Strategy

Contributor Since 2008

I was born in 1956 in Izhevsk, USSR. I graduated high school in 1974 in Tambov, USSR and from the Tambov Institute of Chemical Engineering (now Tambov State Technical University) in 1979, with a BS equivalent. Starting in October 1979 I worked full-time as an IT specialist. I moved to the Moscow region in 1980. Until 1990 I worked for different companies in the Soviet military industrial complex. I created a small software business in 1991, which failed in 1993. I worked for Oracle Corp in 1995 in Moscow. In 1996 I moved to the US, where I continued working as an IT professional, which is still my main source of income. I became a US citizen in 2006 and started investing in 1998. I had an extremely successful 1998 and 1999, very bad 2000 and 2001, then recovered. I mostly invest in what I know, which means mostly high tech companies, but wouldn't discard any opportunity. I'm trying to make my performance better and share my thoughts in my blog Muddling Investor (http://muddlinginvestor.blogspot.com/).

Added today to Restoration Hardware (RH) position. The only reason I see for a significant drop in price today is a publication of 10-Q report. As far as I know, most of data in the report is a public knowledge already. And, to the best of my knowledge, Wall Street got the quarterly earnings report completely wrong. Either fund managers expected something spectacular, or they didn't like that company reinvests all profits into company growth. If latter, that's exactly what I want. Company is on a roll, rich people (and not that rich) are redecorating their houses and looking for "It!". And I don't see any other company which can provide that "It!'.

Disclosure: I am long RH.

Additional disclosure: Positions can change any time.

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