Two durable brands. Capable management. Industry-leading profitability. Cheap valuation.
Good writeup! I'm long Crocs and astonished by how cheap it is relative to its growth profile. Crocs fans are also extremely loyal and absolutely love the brand. Much more so than most footwear brands (except for perhaps shoeheads with Nikes)
Great write up. The strength of Rees as CEO and the material improvements to the company over the last 5-8 years are still very underappreciated broadly, despite several years of excellent performance. I understand why people didn’t like the Hey Dude acquisition when it was announced... but with the hindsight of 1.5 years of results, it’s amazing anyone would still have an issue with it.
Thanks for sharing!