Under Armour’s Stock Crashed… So CEO Built A Whiskey Distillery
It’s no secret that Under Armour’s stock has crashed -65% since 4Q2015. The apparel bubble seems to be experiencing something called mean reversion with the possibility of further downside in excess of -29%.
At or around today’s fair market value, industry comps show
Under Armour’s declining margins and profitability over the past three years is alarming.
Glancing at US Imports of Apparel Footwear and Household Goods, it appears the industry has been stagnating for the past two years. Hello consumer?
As the equity crashed, Kevin Plank (CEO) of Under Armour was selling stock in force. During this same time period, he built his own whiskey distillery called Sagamore Spirit to smoothly sip away the pain not less than a mile away from head quarters.
In the same timeframe, he built an extravagant hotel called Sagamore Pendry Baltimore not less than a mile away from head quarters.
20 miles north in Baltimore County, Maryland. Plank’s Sagamore Farm turns out premium thoroughbred horses for the flat track.
Conclusion: Only in the Federal Reserve’s zero-lower-bound-land can an apparel company’s CEO build his own whiskey distillery and hotel a stones’ throw away from head quarters, as his stock price is eviscerated… Meanwhile, just north of the city fund a large operation turning out premium thoroughbred horses.
Source: http://silveristhenew.com/2017/05/23/under-armours-stock-crashed-so-ceo-built-a-whiskey-distillery/
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