Canada Goose Holdings (GOOS.TO)

A very successful Canadian IPO. They have very materially beaten the numbers. He sold but would buy back at the right price.

The stock paused in its rise and is now going back up. He thinks it will go back to its previous high, around $47, or higher. The fundamentals look good. The stock is seasonal (winter clothing). He is planning a buying program for this. He will reduce below $39.50 and exit at $36 (Analysts’ price target is 45.92$)

Hasn’t been a big fan of this since day one. Finds it hard to buy into the business model of high priced outerwear. Doesn't see the long-term competitive advantages outside of the brand name. He would rather sit on the sidelines.

Their products have a lot of buzz, and accordingly the stock price has some fluff in it. The stock is quite expensive. He would be cautious at this price.

Bought some of the IPO, but is no longer a holder. Trading at 30X EBITDA, and if it ever misses a quarter, the stock is going down a fair bit. If you like the long-term story and you know that it might happen, maybe own a half a position. Inevitably everybody stumbles once in a while. When it goes down, you buy the rest.

He likes the products they are in and how the company has operated. However, as a value investor, it is not a stock he would buy, because the valuation is quite rich.

Shorted this not long after their IPO, but since then has covered it. They have a very limited market that they can sell to. Also, it is a remarkably expensive stock and has a somewhat social stigma.

The coyote fur controversy hasn’t had much effect on the IPO given that the stock price is up materially today. He doesn’t think it is going to have a very big impact going forward. This has had a great run, so he would be cautious and sit on the sidelines for a while.