Monday, October 6, 2008

Famous Last Words - John Dessauer and ANF

A very quick note to highlight the acumen and the deep understanding of the market that some gurus have. We will never get as skilled as they are.

In June 2008 Mr. John Dessauer was writing:

Abercrombie & Fitch (NYSE: ANF, $72.60) said April same-store sales rose 6%. Analysts expected a 2% rise. Total net sales rose 18%. This is more evidence that the consumer is not tapped out. Food and gasoline prices are up, but shoppers still love to shop at Abercrombie & Fitch.

Last Friday, october 3rd - 4 months after this sentence, ANF closed at $36.06 for a -50%.

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