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Back in 2015, a certain kind of stock looked irresistible…
Tilly’s (TLYS) was trading at a single-digit P/E. So was Abercrombie & Fitch (ANF). American Eagle (AEO). The Buckle (BKE).
A whole shelf of mall-based apparel names had been bludgeoned by Amazon (AMZN), and bargain hunters were lining up to scoop them out of the discount bin.
The pitch wrote itself. Real revenue. Real stores. Real dividends. And a multiple that left almost nothing to the downside.
