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This analysis is hysterical.

Let's aggregate every company in the apparel industry's supply chain and see how good the collective is at buying its stock.

To say that this industry has mastered the 'buy high, sell low' mantra is a severe understatement.

Instead of bowing to activist investors to plow excess cash into stock repurchase, I'm in that camp that companies should be focused on buying back stock when they SHOULD, not when they CAN.

The irony here is that if these trends hold in the future (and if my supply chain margin squeeze theme plays out) then we may be about to see the industry get into equity issuance mode again.