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A little over two years ago, the market went bananas over news J.C. Penney hired Ron Johnson away from Apple to lead the struggling retailer as its new CEO. While consensus celebrated the announcement, sending the stock up almost 20%, Hedgeye Retail Sector Head Brian McGough didn’t budge on his bearish forecast for the company.

As this interview with CNBC’s Maria Bartiromo shows, McGough unequivocally told investors to get out of JC Penney and that Wall Street got it wrong. If Bill Ackman had listened, he could have saved himself about $500 million.