Ms. Wolff: I tend to look at leisure manufacturers and some of the vacation type of companies, not the hotels or the casinos, and also some of the toy companies.
TWST: We'll start on the leisure manufacturer side. What's going on, given the
economy?
Ms. Wolff: Not surprisingly, demand has been depressed in every category that I
analyze, whether it's RVs, boats or golf clubs. But interestingly, the rate of
decline is worse as you go up in price point. The more expensive toys are down
the most right now, which is intuitive.
TWST: Is that the pattern we've seen in the past?
Ms. Wolff: In the past, you've seen the higher end holding up a bit better. This
time around, everything is down and high end is down more, particularly when you
start to look at some of the destination vacation companies at the high end.
Some of these companies are down 25%, 30% in terms of bookings.
Tickers included in this excerpt: BC, FUN, HAS, JAH, MTN, PII, WOLF
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