Eric Distenfeld likes to watch people's feet. It pays off. Last week I told you that Distenfeld, a portfolio manager at Chestnut Ridge Capital, noticed a lot more people wearing Crocs to temple on Tisha B'av,a day in the Jewish tradition when you're not supposed to wear leather shoes. Distenfeld says he then bought a bunch of CROX shares heading into earnings. Earnings were stellar, and he made a killing. Now he's watching people's feet again:
"I am on vacation by the Jersey Shore and went to Six Flags Great Adventure with a smile on face today because I'm short Heelys. At the park, I saw exactly two pairs of Heelys. They were everywhere on my trips to LA and Dallas in January. Boss said they were all over the place in Disney in March. And two pairs in Six Flags today. Had I known, I'd have shorted more into earnings..."
The stock has lost half its value since reporting on Wednesday.