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Callaway Golf: Here we go again

|Includes: Callaway Golf Company (ELY)

I wrote a year ago about this being the time of year to trade Callaway.  Right on queue, the company pre-announced a terrible quarter. 

The only positive was that they finally got the CEO out after some comical compensation over the last few years.  With the management problem in the process of being resolved, the value investor in me stays its time to buy and hold.  However, confusing a trading vehicle for an investment is asking for disaster.  This is a company to rent, not own.

Following the quarter, there is likely $2-$3 of upside, as investors will speculate on the company being dressed up for sale.  Buy near $5, sell near $8... its the same old story.