Over the past few years, I have had multiple people pitched me Under Armour, Inc. (UA) as a compelling investment from the long side. Fortunately, I never seriously considered getting involved in the name, as the valuation never made any sense to me. So despite the fact that I was in agreement that Under Armour then (and still does, to some extent, have brand cachet), I was most fortunate to have side stepped that grenade. As an aside, over the past few years, the turnaround and value investing space has been a minefield full of value traps, so by no means am I gloated that I missed Under Armour, instead I'm merely joking that I was lucky to have avoided it. That said, as of November 27th, with shares of Under Armour (UAA) now down 75% (or $40 points from its all time high of $52.95 set in Q3 2015), as a value investor, it was finally time to kick the tires. Hence, I decided to take a closer look.
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