Comments on: Income Statement Analysis: CROX

By: How to Invest In the Stock Market-Getting Harder | Old School Value

How to Invest In the Stock Market-Getting Harder | Old School Value — Wed, 17 Feb 2010 09:36:03 +0000

[...] I was stranded on a frustrated plateau for many months until I got to reading The Art of Short Selling. Most books I’ve read tell you what to look for when buying a business. This book focuses purely on the warning signs of the business. Eventually I was able to understand statements better and wrote a series on analyzing and interpreting each financial statement. [...]

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By: AAPL Stock Valuation with Value Investing | Old School Value

AAPL Stock Valuation with Value Investing | Old School Value — Thu, 13 Aug 2009 09:25:48 +0000

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By: tawan

tawan — Tue, 17 Feb 2009 02:53:22 +0000

Thank you for elucidating some difficult financial concepts. I enjoyed reading your article…

By: Jae Jun

Jae Jun — Mon, 26 Jan 2009 04:34:06 +0000

Thanks Div Tree!

By: Dividend Tree

Dividend Tree — Sun, 25 Jan 2009 04:09:59 +0000

JJ: excellent educational experience. I like reading your posts that dice and chop financial statements.

Dividend Tree’s last blog post..DBN in my Dividend Growth Portfolio – An Update

By: Jae Jun

Jae Jun — Thu, 22 Jan 2009 07:31:08 +0000

@ Sir
When I look at CROX the business, it isn’t worth $5. I see a company that should go bankrupt from the way things are going. As for the drop from $70, all I can say is that price follows value.

Nevertheless, good luck in your position.

@ Valuegeek
One thing I learnt about short selling was that shorts have got to have 2x or 3x the conviction of longs and that shorts never go according to plan. There are too many foolish banks on wall street willing to give their money to failing companies.

By: sir

sir — Thu, 22 Jan 2009 06:37:08 +0000

Chris & valuegeek

there is no different between $1.4 stock price to $4 to $8 for crocs shares after the $70 share price.
i hope for a nice rebound after the next reports, so i will call you above $5 when institutionals will buy back crox shares

By: Bearish

Bearish — Thu, 22 Jan 2009 03:29:43 +0000

Nice analysis. I owned CROX for a brief time around $4, cause it just looked like a screaming bargain based on a crude scan of the numbers. But inventory and the other numbers you pointed out indicate potential trouble.

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By: valuegeek

valuegeek — Wed, 21 Jan 2009 23:45:04 +0000

I shorted CROX back when it was trading in the $60s in 2007. Ironically, I ended up losing money because I covered in the $70s. This is a seriously troubled company. Management is basically a gang of crooks, issuing themselves and selling massive amounts of stock in 2007. The product is not protected by patents (despite claims to the contrary by the company) and easily duplicated by lower cost manufacturers in China, plus the whole rubber footwear craze has the feel of a passing fad. Asensio, a dedicated short-seller, has a report on the stock that is 2 years old, but is still an entertaining read.

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