Crocs: Will Anyone Learn Anything?
The whole thing is here. I'll post the best hatemail.
Around the office, we often debate which shareholders are the scariest. The Sirius Satellite Radio (Nasdaq: SIRI) crowd is a doozy. Ditto the thick glasses, basement-dwelling multimeter-wielding mob that adores AMD (NYSE: AMD). However, Apple (Nasdaq: AAPL) fans usually top the list: Even when you compliment the company, you get hate mail from select iNutsos for not being adequately worshipful. But over the past few months, the cult of Cupertino has had nothing on devotees of rubber-clog phenom Crocs (Nasdaq: CROX).
The last time I discussed the company, I pointed to some pretty obvious problems, foremost among them that it carried a market cap equal to about 20% of Nike's (NYSE: NKE), while producing not even 5% of Nike's revenues.
The next day, my inbox was full of poorly spelled missives with the usual protests, most of which added up to, "You just don't get it." Sadly, this response is typical for the blurry-eyed followers of a momentum darling, especially one that more seasoned stock watchers have pegged as overvalued.