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An alternative is to subscribe to Morningstar's StockInvestor, a 50-page monthly report which costs about $100 a year. StockInvestor was started by Mark Sellers (who kindly endorsed my book), and is now edited by Jonathan Schrader

M* also has a program where you take "classes" and take a five question quiz at the end and get one credit for every correct answer, after so many correct answers you can get the newsletter or a book free.

Now, as for K-Swiss, Morningstar's basic criticism is that the sneaker company is largely dependent upon one style. Given the fashion risk, a rational investor will require a larger margin of safety (bigger discount to intrinsic value) than, say, Nike.

I was talking to my Grandma -- a tennis player -- and she said K-Swiss was the most popular shoe for tennis players -- and KSWS is also making apparel for tennis players.
The Classic shoe -- which is 67% of sales -- has an advanage and a disadvantage, where K-Swiss doesn't sufffer slumps after their designs go bad -- because their shoe hasn't been changed much in the 40 years it's been popular so they don't release new shoes very often -- but they're weak as it represents to much of sales.

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