From Baron Funds' first quarter letter: Shares of Deckers Outdoor Corporation (DECK, Financial) declined when the company issued guidance that was below Street expectations. Deckers, the manufacturer of UGG boots, continues to face severe headwinds from the significant increase in the cost of sheepskin and one of the warmest winters on record.We believe sheepskin prices are peaking and will decline in 2013, giving a boost to 2013 earnings. We also believe weather patterns will eventually revert to the mean. (Laird Bieger)Also check out:
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