market folly

Ricky Sandler's hedge fund firm Eminence Capital has filed a 13G with the SEC regarding shares of Restoration Hardware (RH).  Per the filing, Eminence now owns 3.1% of the company with over 1.25 million shares.

This is a newly disclosed position as the firm did not report owning a stake at the end of 2015 in their latest 13F filing.  The new 13G filing was made due to portfolio activity on February 25th.

Shares of RH have absolutely cratered over the past three months, falling from $105 down to current levels of $38.

Per Google Finance, Restoration Hardware is "The Company, together with its subsidiaries, is a luxury home furnishings retailer that offers various categories, including furniture, lighting, textiles, bathware, decor, outdoor and garden, tableware and children's furnishings. These products are sold through the Company's stores, catalogs and Websites. The Company operated a total of approximately 67 retail stores and over 17 outlet stores in approximately 29 states, the District of Columbia and Canada, and had sourcing operations in Shanghai and Hong Kong. The Company's retail stores are located primarily in upscale malls and street locations. The Company operates stores in Alabama, Arizona, California, Colorado, Connecticut, Florida, Massachusetts, Michigan, New York, Pennsylvania, Texas, Tennessee and British Columbia, among others."