Feedback
European Shorting
My Portfolios
Browse Gurus
Print
Email
From Baron Funds' fourth quarter letter.
Baron Funds Comments on BJ's Restaurants Inc.
BJ's Restaurants, Inc. (BJRI), an operator of casual dining restaurants, lowered sales and earnings guidance and the stock fell 27.5%.We viewed this as an overreaction to a modest near-term shortfall and used the occasion to buy additional stock and build a significant position for the Fund. The company also announced a new CEO and though we were big fans of the previous leader, we believe he has left the company in good stead.We think BJ's runs a great restaurant, with great economics, and has a big opportunity to increase its unit count five-fold.We are purchasing the stock at under 10 times forward cash flow, which we believe is a cheap price for the quality of the business and the growth prospects we perceive.
From Baron Funds' fourth quarter letter.
From Baron Funds' fourth quarter letter.
Subscribe RSS
RSS